苏州固锝本次发行的保荐机构为广发证券股份有限公司，保荐代表人为谭思敏、刘慧娟。 中国经济网北京1月15日讯 苏州固锝(002079.SZ)昨晚披露关于向特定对象发行股票申请获得深圳证 券交易所上市审核中心审核通过的公告称，公司于2026年1月14日收到深圳证券交易所出具的《关于苏 州固锝电子股份有限公司申请向特定对象发行股票的审核中心意见告知函》，深交所发行上市审核机构 对公司向特定对象发行股票的申请文件进行了审核，认为公司符合发行条件、上市条件和信息披露要 求，后续深交所将按规定报中国证券监督管理委员会履行相关注册程序。 公司本次向特定对象发行股票事项尚需获得中国证监会同意注册后方可实施，最终能否获得中国证 监会作出同意注册的决定及其时间尚存在不确定性，公司将根据该事项的进展情况按照相关规定及时履 行信息披露义务。 苏州固锝1月13日披露的2024年度向特定对象发行A股股票募集说明书(修订稿)显示，公司本次向特 定对象发行股票募集资金总额不超过88,680.00万元（含本数），将主要用于"苏州晶银新材料科技有限 公司年产太阳能电子浆料500吨项目"、"小信号产品封装与测试项目"、"固锝（苏州）创新研究院项 ...

Industry Overview - Micro-fine spherical aluminum powder is a high-performance aluminum powder material, classified as a non-ferrous metal functional powder material. The industry has seen rapid development and expansion in scale due to the accelerating growth of downstream industries such as new energy vehicles and aerospace [1][4] - The industry began in the 1950s in China, utilizing technology from the former Soviet Union to initiate the industrialization process of spherical aluminum powder. Over decades, the application fields have continuously expanded, and the industrial chain has improved [3] Production and Supply - China has become the world's largest producer of micro-fine spherical aluminum powder, with production capacity and output ranking first globally. In 2024, China's annual output increased from 92,000 tons in 2021 to 109,000 tons, maintaining over 60% of the global total output [5][6] - The market supply of coarse and medium-fine powders is relatively sufficient, while fine powder products, essential for solar electronic paste and high-end aluminum pigments, are in short supply due to stringent standards in particle size control and purity [5][6] Market Size and Growth - The market size of China's micro-fine spherical aluminum powder industry is projected to grow from 2.096 billion yuan in 2019 to 2.835 billion yuan in 2024, with expectations to reach approximately 3.789 billion yuan by 2030 [8][10] Downstream Applications - The primary applications of micro-fine spherical aluminum powder are in aluminum pigments and solar electronic paste, which together account for over 55% of the demand for fine powder (average particle size less than 8µm) [10][12] - The production of aluminum pigments has been increasing, with output rising from 42,000 tons in 2018 to around 60,000 tons in 2024, providing strong momentum for the development of the micro-fine spherical aluminum powder industry [10][12] Competitive Landscape - The industry has significant entry barriers, including technical thresholds and capital requirements, leading to a stable competitive landscape. The market is dominated by companies like Xuyang New Materials and Zuxing New Materials, which together hold over 50% market share [14][16] - Xuyang New Materials leads with a market share of approximately 33.98%, while Zuxing New Materials follows with about 24.27% [14] Development Trends - The industry is expected to trend towards micro-fine and spherical products, with increasing demands for product quality and performance from downstream applications [20] - There is a growing emphasis on environmentally friendly and resource-saving practices, driven by heightened public awareness and regulatory policies [21] - The demand for product diversification and customization is increasing, with new application fields emerging as the quality and fineness of aluminum powder improve [22]

Industry Development History - The aluminum powder industry has evolved from the initial stamping method to ball milling, significantly improving production efficiency and safety [2] - The demand for spherical aluminum powder surged in the early 20th century due to military needs, leading to continuous improvements in production technology [2] - China introduced air atomization technology from the Soviet Union in the 1950s, leading to the development of various production methods, with nitrogen atomization becoming the dominant technology in recent years [2] Current Industry Status and Technology Level - China is the world's largest producer of electrolytic aluminum, with a projected output of 44.005 million tons in 2024, a 4.6% increase year-on-year [3] - The main applications of fine spherical aluminum powder include aluminum pigments, solar electronic pastes, refractory materials, military, and self-heating materials [3] - The market for fine spherical aluminum powder is closely tied to the development of downstream markets, with a steady increase in production and market size [4] Supply and Demand Situation - In 2022, China's production capacity for fine spherical aluminum powder reached 130,000 tons per year, ranking first globally [4] - The market size for fine spherical aluminum powder in China grew from 2.096 billion yuan in 2019 to 2.665 billion yuan in 2023, with a projected compound annual growth rate (CAGR) of 5.15% until 2030 [4] - There is a significant supply shortage for fine powder (particle size <10µm), particularly for high-performance applications in military and electronics [5] Application Areas - The aluminum pigment industry is a major application area for fine spherical aluminum powder, with a production growth rate of 6.67% from 2018 to 2022 [6] - The market for aluminum electrolytic capacitors is expanding, with the global market expected to reach 74.57 billion USD in 2024, driven by the demand for high-purity fine spherical aluminum powder [8][9] - Fine spherical aluminum powder is also crucial for producing aluminum nitride materials, which are increasingly used in high-performance electronic applications [10][11] Industry Development Trends - The fine spherical aluminum powder industry is expected to focus on quality improvement and efficiency enhancement, moving towards advanced manufacturing processes [16] - The demand for high-purity fine spherical aluminum powder is anticipated to grow as new applications emerge in electronics and other high-tech industries [16] - The industry is likely to see a consolidation of resources towards technologically advanced and financially robust enterprises, promoting a more efficient development path [16]