智通财经记者 | 何柳颖 暴跌之后，白银上涨势头再现。 12月30日，截至发稿，伦敦银现货报74.66美元/盎司，日内涨幅为3.47%。 此前两个交易日，白银价格走出了一波过山车行情。12月26日，伦敦银现货大涨10.47%；12月29日，伦敦银现货盘中最高冲刺至83.97美元/盎司，但随后高 位跳水，全天跌幅达到9.08%。 全年来看，白银涨幅已经明显超过黄金涨幅。截至发稿，伦敦银现货全年涨幅接近160%，而伦敦金现货涨幅为67%。 作为"穷人的黄金"、"黄金的小老弟"，白银近日缘何受到投资者热捧？相较于黄金，白银有哪些独特属性？投资者需注意哪些交易风险？ 具备双重属性 "白银太疯了！" "白银还是厉害啊！" 在一个贵金属投资群里，有人如是感叹道。在这个交流群里，白银最近愈加频繁地被提及，其背后，是越来越多投资者将目光转向白银。 需要说明的是，黄金作为避险资产，长期以来都被视作重要的投资标的，金融属性突出；而白银则兼具金融属性以及工业属性。 "白银是重要的贵金属，具有保值增值的作用，历史上，白银曾经作为货币来使用。另外，其实白银的一个更加广泛的用途是它的工业属性。目前非常热的 光伏产业，银粉是重要的原材料， ...

（记者 王晓波） 元利科技（603217.SH）12月26日在投资者互动平台表示，公司前期曾将光伏银粉作为研发项目，但目 前并无项目在建。 每经AI快讯，有投资者在投资者互动平台提问：元利科技的光伏银粉项目（年产1000吨新一代太阳能 电池正面电极用单晶银粉）项目进展如何？ ...

Core Viewpoint - Jianbang High-Tech Co., Ltd. is attempting a second listing application on the Hong Kong Stock Exchange after its first attempt failed in May 2023, despite showing significant revenue growth from 1.759 billion yuan to 3.950 billion yuan from 2022 to 2024. However, the company faces challenges such as low gross margins below 4% and issues related to overdue bills, tax arrears, and credit defaults among its subsidiaries [1]. Financial Performance - The company's revenue for the first eight months of 2025 declined by 3.6% year-on-year, with profits dropping by 32.1%. The gross margin has been consistently low, recorded at 3.4%, 3.9%, and 3.3% for 2022-2024, and further decreased to 2.9% in the first eight months of 2025 [3]. - Jianbang High-Tech's operating cash flow has been negative for three consecutive years, totaling approximately 620 million yuan in net outflow from 2022 to 2024. The company's interest-bearing bank loans increased from 62.427 million yuan in 2022 to 206 million yuan in 2024, with the debt ratio rising from 57.8% in 2022 to 75.2% by August 2025 [4]. Business Structure and Market Position - The company heavily relies on a single product, with silver powder revenue accounting for over 97% of total revenue from 2022 to 2024. This dependency makes the company vulnerable to fluctuations in silver powder market demand and prices [5]. - Jianbang High-Tech's market position is declining, with its ranking in China's photovoltaic silver powder sales dropping from first place in 2022 to third place in 2024, and its market share decreasing from 10.1% to 9.8% [6]. Customer Concentration and Risks - The company has a high customer concentration, with the top five customers contributing 95.4%, 94.8%, and 84.4% of revenue from 2022 to 2024. The top two customers accounted for 87.9%, 82.8%, and 63.1% of revenue, but their orders significantly decreased in 2025, leading to a drop in revenue and profits [7]. - Jianbang High-Tech plans to use raised funds to develop alternative materials like copper powder, expand into non-photovoltaic applications, and enter the Middle Eastern market. The involvement of notable investors such as Saudi Aramco and Jinko Energy is expected to provide resource backing [7].

Core Viewpoint - The photovoltaic silver powder industry is experiencing significant growth, attracting capital markets, while the leading company, Jianbang High-Tech, faces challenges in profitability despite its strong market position [1][2]. Financial Performance - Jianbang High-Tech's revenue is projected to grow from 1.759 billion RMB in 2022 to 3.95 billion RMB in 2024, with net profit increasing from 24.2 million RMB to 79.03 million RMB during the same period [2]. - However, by August 31, 2025, the company's profit dropped to 52.7 million RMB, a year-on-year decline of 32.1%, indicating ongoing pressure on profitability despite revenue growth [2]. - The company's gross margin has remained low, fluctuating between 3.3% and 3.9%, with net profit margins only between 1.4% and 2.2%, primarily due to pricing mechanisms linked to silver nitrate prices [2][3]. Market Position and Competition - Jianbang High-Tech ranks among the top three domestic manufacturers of photovoltaic silver powder in China from 2022 to 2024, holding market shares of 10.1%, 10.0%, and 9.8% respectively [1]. - The company relies heavily on silver powder, which constitutes over 97% of its total revenue, making it vulnerable to fluctuations in demand and pricing [2][3]. Operational Challenges - The company faces high customer and supplier concentration, with the top five customers accounting for 84.4% to 95.4% of revenue, and the top five suppliers representing over 97.7% of total procurement [3]. - Negative cash flow from operating activities has accumulated to approximately 620 million RMB over three years, indicating insufficient cash reserves to meet operational demands [3]. Industry Trends and Risks - The photovoltaic silver powder industry is experiencing overcapacity, with utilization rates around 31.7% for the industry and 36.7% to 43.4% for Jianbang High-Tech [4]. - The trend towards "silver reduction" and "silver-free" technologies in downstream photovoltaic cells poses a significant risk to silver powder demand [5]. Strategic Initiatives - Jianbang High-Tech aims to leverage its upcoming IPO to diversify and innovate, focusing on research and development for non-photovoltaic applications and alternative conductive materials [6]. - The company plans to establish R&D centers in East Asia and new production facilities in the Middle East to capitalize on regional growth opportunities [6].

Core Viewpoint - Three companies from Jinan, Shandong, namely Lingong Heavy Machinery, Kexing Biopharmaceutical, and Jianbang High-tech, have simultaneously submitted IPO applications to the Hong Kong Stock Exchange, highlighting the industrial vitality and potential transformation of this traditional manufacturing city [4][5]. Group 1: Company Profiles - Lingong Heavy Machinery is a leading manufacturer in the mining machinery and aerial work machinery sectors, established in 2012, and ranks third among domestic companies in the global mining transport equipment and excavator market as of 2024 [5][6]. - Jianbang High-tech, a well-known silver powder supplier, has over ten years of operational experience and ranks first in China's silver powder sales revenue for 2022 and 2023, with market shares of 10.1% and 10.0% respectively [6][7]. - Kexing Biopharmaceutical, founded in 1989, was one of the first companies to go public on the Shanghai STAR Market in December 2020, and is now seeking to establish an "A+H" dual financing platform by applying for an H-share listing [7][8]. Group 2: Market Context - The simultaneous IPO applications from these three companies signify Jinan's industrial economy's vibrancy and serve as a window to observe the city's industrial transformation and upgrade [5][8]. - Jinan has a unique industrial foundation, being the only province in China with all 41 major industrial categories, which supports its economic development [4][5]. - The city has seen a surge in IPO activities, with a notable increase in the number of listed companies and those preparing for IPOs, reflecting a growing trend in capital market engagement [12][14]. Group 3: Financial Ecosystem - Jinan's unique science and technology financial ecosystem has been bolstered by the establishment of the national first science and technology financial reform pilot zone, enhancing the synergy between technology and finance [14][15]. - The city has implemented various financial support measures, including a 50 billion yuan "Central Bank Science and Technology Loan" and a 20 billion yuan risk compensation fund, to facilitate the growth of science and technology enterprises [14][15]. - The number of science and technology enterprises in Jinan has increased significantly, with loans to these enterprises rising from 109.84 billion yuan at the end of 2021 to 303.98 billion yuan by mid-2023 [15][16].

Core Insights - Silver nitrate is a crucial chemical compound with significant applications in various industries, particularly in photovoltaic silver powder, which is essential for solar cell efficiency [1][3] - The demand for silver nitrate is expected to grow alongside the rapid development of the photovoltaic industry, with the Chinese photovoltaic silver powder market projected to reach approximately 38.7 billion yuan in 2024 [1][3] - Hunan Silver Co., Ltd., established in 2004, is a leading player in the silver industry in China, focusing on silver refining and processing, with a projected total revenue of 8.313 billion yuan in 2024 [5] Industry Overview - The silver nitrate industry is primarily driven by the explosive demand from the photovoltaic sector, with over 95% of photovoltaic silver powder produced using silver nitrate through liquid-phase reduction methods [3] - The average price of silver nitrate in China is expected to be around 4,000 yuan per kilogram in 2024 [3] Production and Market Dynamics - Major production regions for silver nitrate in China include Henan, Hubei, Gansu, and Jiangsu, with an increasing trend towards industrial clustering that enhances competitiveness and resource sharing among companies [7] - Companies are investing in production technology research and development to improve efficiency, product purity, and reduce costs and emissions, aiming for greener production methods [7] Research and Analysis - The research team from Huajing Industry Research Institute employs various analytical models, including SCP, SWOT, and PEST, to comprehensively analyze the market capacity, industry chain, operational characteristics, and profitability of the silver nitrate industry [7] - A detailed report on the market demand forecast and investment strategy for the silver nitrate industry from 2025 to 2031 is being prepared to assist enterprises and investment institutions in decision-making [7][20][21]

Core Viewpoint - The article expresses skepticism about Jianbang High-Tech's long-term prospects despite its impressive short-term financial performance, primarily due to the trend of "cheap metalization" in the photovoltaic industry, which poses significant risks to the company [4][6][34]. Financial Performance - Jianbang High-Tech's projected revenues for 2022, 2023, and 2024 are 1.758 billion, 2.782 billion, and 3.950 billion RMB, respectively, reflecting year-on-year growth rates of 58% and 42% [14][15]. - Net profits for the same years are expected to be 24 million, 60 million, and 79 million RMB, with growth rates of 147% and 32% [14][15]. - Despite positive net profits, the company has negative cash flow from operating activities, with net cash flows of -39 million, -211 million, and -369 million RMB from 2022 to 2024 [17][18]. Market Position - Jianbang High-Tech is currently the third-largest producer of photovoltaic silver powder in China, with a market share of 9.8% as of 2024 [12][29]. - The company has a concentrated customer base, with the top five customers accounting for 95.4%, 94.8%, and 84.4% of revenue from 2022 to 2024 [29][30]. Industry Trends - The photovoltaic industry is experiencing a shift towards "cheap metalization," which could reduce the demand for silver powder as alternative materials are developed [31][32]. - The transition from PERC to TOPCon and HJT technologies is increasing the silver paste consumption per solar cell, but the industry is also exploring cost-reduction strategies through the use of copper and other materials [31][32]. Operational Challenges - Jianbang High-Tech's production capacity utilization is low, with only 43.4% utilization expected in 2024, despite plans to expand capacity [21][23]. - The company faces significant risks due to its reliance on a few key customers and the potential for overcapacity in the market as competitors ramp up production [34].

Group 1 - The article discusses the trend of solar energy companies, particularly in the photovoltaic sector, seeking to list in Hong Kong as a response to challenges in the A-share market [1] - Companies like JinkoSolar, which previously delisted from overseas markets to raise funds in A-shares, are now looking to go public again abroad after raising over 26 billion RMB in five years [1] - Jianbang High-Tech, a silver paste company, is also preparing for a Hong Kong listing despite its founder being a "discredited executor" [1] Group 2 - Jianbang High-Tech is a silver paste company with a low gross margin of around 3% and is in need of capital market support due to industry challenges [1][26] - The founder, Chen Jian, has a complex business history and has been involved in multiple companies that have faced financial difficulties, including being listed as a discredited executor [16][20] - The company has a high dependency on a few major clients, with revenue from the top five clients accounting for over 84% during the reporting period [34] Group 3 - Jianbang High-Tech's financial performance shows a gross margin of 3.4%, 3.9%, and 3.3% for the years 2022 to 2024, respectively, indicating a challenging business environment [29] - Despite low margins, the company managed to achieve net profits of 24.2 million RMB, 59.89 million RMB, and 79.02 million RMB over the same period [39] - The company has allowed clients to defer payments, leading to an increase in accounts receivable, which poses a risk to cash flow [38][39] Group 4 - The article highlights the competitive landscape of the silver paste market, with domestic companies rapidly gaining market share and driving down prices [26] - Jianbang High-Tech's revenue heavily relies on silver paste sales, which accounted for over 97% of total revenue during the reporting period [44] - The company is exploring alternatives to silver paste products to mitigate risks associated with market fluctuations and competition from substitute materials [45]

Industry Overview - Photovoltaic silver powder is a crucial component of silver paste, accounting for over 74% of its cost, and its quality directly affects the resistance of electrode materials and the photoelectric efficiency [1][4] - The silver powder market in China is projected to grow from 10.4 billion yuan in 2020 to 38.7 billion yuan in 2024, with expectations to exceed 50 billion yuan by 2025 [1][8] Global Market - The global photovoltaic silver powder market is expected to grow from 12.6 billion yuan in 2020 to 41.9 billion yuan in 2024, reflecting a year-on-year increase of 36.93%, with a forecast of reaching 57 billion yuan by 2025 [6] Domestic Market - The domestic market is experiencing accelerated growth due to the increasing demand for silver paste driven by the transition from P-type to N-type batteries, which has led to higher silver paste consumption [8][19] - The average price of photovoltaic silver powder in China rose from 4,700 yuan per kilogram in 2020 to 6,500 yuan per kilogram in 2024, with a compound annual growth rate of 8.4% [12] Competitive Landscape - The global market for photovoltaic silver powder is relatively concentrated, with fewer than 20 manufacturers, including dominant players like Japan's DOWA and America's AMES [14] - Domestic companies such as Suzhou Simit, Ningbo Jinxin, and Shandong Jianbang are increasing their market share and improving product quality, gradually breaking the monopoly of foreign firms [14][19] Development Trends 1. **Accelerated Localization**: The domestic photovoltaic silver powder industry is rapidly advancing in localization, with production increasing from 0.3 thousand tons in 2020 to 5.1 thousand tons in 2024, a compound annual growth rate of 103.1% [19] 2. **Technological Advancements**: The demand for low-temperature silver powder is rising due to technological advancements, particularly for HJT batteries, which are becoming mainstream [20] 3. **Growing Market Demand**: The global demand for renewable energy is driving the expansion of the photovoltaic silver powder market, with projections for the Chinese market to reach 52.9 billion yuan in 2025 and potentially exceed 102.9 billion yuan by 2029 [21]

Core Viewpoint - The company, Yuegui Co., Ltd. (000833.SZ), is raising up to 900 million yuan through a private placement of A-shares to fund three major projects, including a 100,000 tons/year refined wet phosphoric acid project, marking its first fundraising in ten years [1][2]. Group 1: Fundraising Details - The company plans to issue no more than 156 million shares, with the net proceeds after issuance costs allocated to the 100,000 tons/year refined wet phosphoric acid project, a quartz sandstone mining project, and an automation upgrade for Yunxiu Mining [2][3]. - The refined wet phosphoric acid project will receive 600 million yuan, accounting for 66.67% of the total fundraising amount, and is expected to produce 36,200 tons/year of purified phosphoric acid, among other products [2][3]. Group 2: Strategic Importance - The construction of the phosphoric acid project is closely related to the existing chemical products of Yunxiu Mining, utilizing the chemical energy value of pyrite and leveraging synergies with surrounding titanium dioxide production [3]. - The company aims to extend its industrial chain beyond mining to include deeper processing, addressing the current reliance on mining for profit and enhancing its strategic layout in the new energy materials sector [3][4]. Group 3: Company Performance and Resources - In 2024, the company reported revenues of approximately 2.8 billion yuan, a 16.8% decrease year-on-year, while net profit increased by 320% to 279 million yuan, driven by resource advantages and technological innovation in Yunxiu Mining [5][6]. - The company holds the largest pyrite resource in China, with proven reserves of 208 million tons, representing 85% of the national rich pyrite resources, and an annual production capacity of approximately 3 million tons [4].