但刘海东的视野从未局限于光伏领域。他深知，高端电子浆料是众多战略性新兴产业的共性基础材料。在他的带 领下，聚和材料开始布局通信、元器件、汽车电子、半导体等领域，立足浆料，匠心精修，用创新给行业答卷。 "不能靠买别人的材料，我们必须有自己的核心技术。"这是刘海东的初心。他带领团队，从配方设计、工艺优化 到应用测试，一点一滴攻克技术难关，先后自主研发出高效晶硅太阳能电池主栅及细栅银浆技术、TOPCon高效电 池成套银浆技术、超低体电阻低温银浆技术等多项核心技术，这些技术不仅打破国外垄断，更推动导电银浆性能 的全面跃升。 2021年，中国光伏行业协会发布数据显示：聚和材料的光伏导电银浆市场占有率跃居全球第一，并连续两年保持 领先。这一切的背后，是惊人的发展速度，从零到百亿元，仅仅用了8年时间。2022～2024年近三年，公司累计营 收达292.82亿元，连续两年营收过百亿元，年均复合增长率达23.97%，累计净利润12.42亿元，累计纳税超过4.26 亿元。2022年12月，聚和材料成功登陆科创板，市值突破百亿元，成为中国新材料领域一颗耀眼的新星。 在常州高新区的一片现代化工业园区里，常州聚和新材料股份有限公司半导 ...

12月15日晚，福达合金公告称，公司于当日召开董事会，审议通过了《关于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（以下简称"光达电子"或"标的公司"）52.61%股权，但综合考虑目前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 本次交易事项。 福达合金在公告中承诺，自本次终止重大资产重组公告披露之日起至少1个月内，不再筹划重大资产重组事项。 公司同日晚披露公告称，将于12月17日（星期三）15:30—16:30召开终止重大资产重组投资者说明会。 图片来源：公司公告 值得注意的是，这是两年多以来福达合金第二次公告终止重大资产重组事项。福达合金曾于2023年11月发布公告，终止收购三门峡铝业100%股权，该次 交易作价为155.6亿元。 重组历程一波三折 值得注意的是，此次交易构成重大资产重组及关联交易，因交易对方之一王中男系公司实际控制人王达武的一致行动人，但交易不会导致公司实际控制人 变更。 回溯福达合金本次重组历程，中国证券报记者注意到，早在今年7月，福达合金便披露了《关于筹划重大资产重组暨签署收购意向协议的提示性公告》。 在重组推进的5个月间，福达 ...

Core Viewpoint - Fuda Alloy announced the termination of its acquisition of 52.61% stake in Guangda Electronics, citing market conditions and changes in the target company as reasons for the decision [2][7]. Group 1: Acquisition Details - On July 13, Fuda Alloy planned to acquire 52.61% of Guangda Electronics for a total consideration of 352 million yuan [5]. - The valuation of Guangda Electronics was assessed at 670 million yuan, reflecting a 171.38% increase over its book value of 247 million yuan as of June 30, 2025 [5]. - Guangda Electronics, established in 2010, specializes in the research, production, and sales of new electronic pastes and is recognized as a national high-tech enterprise [5]. Group 2: Financial Performance - For the years 2023, 2024, and the first half of 2025, Guangda Electronics is projected to generate revenues of 1.65 billion yuan, 2.681 billion yuan, and 1.409 billion yuan, respectively, with net profits of 16 million yuan, 61 million yuan, and 27 million yuan [5]. - Fuda Alloy reported a revenue of 3.497 billion yuan for the first three quarters of the year, marking a year-on-year increase of 30.03%, and a net profit of 55.5 million yuan, up 33.52% year-on-year [7]. Group 3: Strategic Implications - The acquisition was intended to enhance Fuda Alloy's product offerings in the electrical contact industry by adding conductive silver paste to its portfolio, thereby leveraging synergies in silver powder preparation and cost management [6][7]. - The termination of the acquisition is seen as a measure to protect the interests of the company and its investors amid changing market conditions [7].

Core Viewpoint - Fuda Alloy announced the termination of the acquisition of 52.61% equity in Guangda Electronics, citing market conditions and changes in the target company as reasons for the decision [2][5]. Group 1: Acquisition Details - On July 13, Fuda Alloy planned to acquire 52.61% of Guangda Electronics for a total consideration of 352 million yuan, which would make Fuda Alloy the controlling shareholder [4]. - The valuation of Guangda Electronics was assessed at 670 million yuan, reflecting a 171.38% increase over its book value of 247 million yuan as of June 30, 2025 [4]. - Guangda Electronics, established in 2010, specializes in the research, production, and sales of new electronic pastes, with projected revenues of 1.65 billion yuan, 2.681 billion yuan, and 1.409 billion yuan for 2023, 2024, and the first half of 2025, respectively [4]. Group 2: Financial Performance - In the first three quarters of the year, Fuda Alloy reported revenues of 3.497 billion yuan, a year-on-year increase of 30.03%, and a net profit attributable to shareholders of 55.5042 million yuan, up 33.52% year-on-year [6]. - The termination of the acquisition is expected to impact the company's financial metrics, which were anticipated to improve significantly post-acquisition [5]. Group 3: Market Reaction - As of December 15, Fuda Alloy's stock closed at 19.41 yuan per share, reflecting a decline of over 14% from its peak at the end of October, with a current market capitalization of 2.6 billion yuan [7].

在白银价格周二强势突破60美元/盎司关口创下历史新高之际，世界白银协会发布的一份最新报告显 示，随着太阳能、电动汽车及数据中心等关键技术领域需求加速增长，全球白银工业需求有望在未来五 年持续上行。 该报告由牛津经济研究院撰写，题为《白银：下一代金属》。该报告指出，白银在电导率和热导率方面 的卓越性能，正日益成为推动全球经济技术转型不可或缺的关键要素。随着各国加速推进数字化创新和 清洁能源转型，白银将在多个高增长行业中继续扮演核心角色。 该报告聚焦太阳能光伏、电动汽车及其基础设施、数据中心和人工智能三大核心领域，光伏产业的17% 年复合增长率、电动汽车产业的13%年复合增长率，以及数据中心的爆发式扩张，共同构成了白银需求 增长的三大支柱。报告预计这些行业将在2030年前持续推升工业领域对白银的需求。 以下是报告核心内容： 光伏产业：强劲增长与技术变革并存 白银凭借三大特性成为光伏电池不可或缺的材料：最高电导率确保能量高效转换、优异热导率防止性能 损失、高抗腐蚀性保障恶劣环境下的长期运行。这些特性使白银成为太阳能电池正面和背面导电银浆的 首选材料。 过去十年，全球光伏装机容量增长超过十倍，其中中国贡献了51%的增 ...

Core Viewpoint - The company reported a significant decline in net profit for the first three quarters of 2025, despite an increase in revenue, indicating potential operational challenges and financial strain [1][2]. Financial Performance - The company achieved operating revenue of 12.72 billion yuan, representing a year-on-year growth of 10.55% [1][2]. - The net profit attributable to shareholders was 29.46 million yuan, showing a substantial decline of 89.94% compared to the previous year [1][2]. - The net profit after deducting non-recurring gains and losses was 126.62 million yuan, down 68.93% year-on-year [1][2]. - The net cash flow from operating activities was 49.21 million yuan, reflecting a significant decrease of 91.52% year-on-year [1][2]. Fundraising and Projects - The company raised a total of 399 million yuan, with a net amount of 350.56 million yuan after deducting issuance costs [3]. - The raised funds are allocated for projects including the relocation and expansion of a production line for conductive silver paste and the establishment of a research and development center [3]. - A planned issuance of shares for 2024 aims to raise up to 264.5 million yuan, with proceeds designated for expanding production capacity and supplementing working capital [3].

Group 1 - Silver prices have recently surged, with COMEX silver reaching a high of $54.415 per ounce on November 13, and domestic silver futures hitting a record of 12,639 yuan per kilogram, marking a nearly 6% increase [1][2] - Year-to-date, domestic silver futures have risen over 60%, outperforming gold futures, with a notable increase of over 40% in the second half of the year [4] - The rise in silver prices has positively impacted companies involved in silver mining, such as Hunan Silver, which reported a 59.56% increase in revenue year-on-year for the first three quarters of 2025 [10] Group 2 - The increase in silver prices has also created cost pressures for companies that use silver as a raw material, prompting them to adopt various strategies to mitigate these impacts [11] - Companies like Dike Co. have implemented production and procurement models that allow them to pass on silver price fluctuations to downstream customers, thereby reducing direct exposure to price volatility [11] - JinkoSolar has engaged in futures hedging to manage the risks associated with rising raw material prices, particularly in response to the significant increase in silver prices since 2025 [12] Group 3 - Silver's industrial applications, including in electronics, photography, and solar energy, contribute to its price stability and growth, differentiating it from gold, which is primarily viewed as a financial asset [9] - The demand for silver jewelry and related products has increased, with consumers showing interest in silver-plated items as a cost-effective alternative to gold [7]

Core Viewpoint - The recent surge in silver prices, alongside rising gold prices, has significant implications for the silver market and related industries [1][3]. Price Movement - On November 13, COMEX silver reached a peak of $54.415 per ounce, surpassing mid-October highs, while domestic silver futures saw a nearly 6% increase, setting a new historical high [2][5]. - Year-to-date, domestic silver futures have risen over 60%, with a remarkable increase of more than 40% in the second half of the year [7]. Market Demand and Consumer Behavior - The increase in silver prices has led to heightened consumer interest in silver jewelry and related products, with prices around 16.5 yuan per gram for silver jewelry [9]. - The popularity of silver-plated and gold-coated jewelry has also risen among younger consumers, driven by the high prices of gold [10]. Industrial Impact - Silver's broad industrial applications contribute to its price stability, with significant demand in electronics, photography, solar energy, and medical fields [12][13]. - Companies involved in silver mining, such as Hunan Silver, reported substantial revenue growth due to rising silver prices, with a 59.56% increase in revenue year-on-year for the first three quarters of 2025 [14]. Cost Pressures on Related Industries - Companies that rely on silver as a raw material face increased cost pressures due to rising prices. For instance, companies like Dike Co. and Weiteou have implemented strategies such as "long-term contracts + futures" to mitigate these impacts [15]. - Crystal Energy has engaged in futures hedging to manage the risks associated with fluctuating silver prices, particularly for their low-cost silver paste inventory [17].

Core Viewpoint - The company adopts a production model based on sales orders and a procurement model based on production, allowing it to mitigate risks associated with silver price fluctuations through pricing strategies and hedging [2]. Group 1: Production and Procurement Models - The company implements a production model that aligns with sales orders and a procurement model that aligns with production needs, placing orders for silver powder on the same day sales orders are received [2]. - The pricing of conductive silver paste products and the main silver powder procurement prices are based on current or similar silver spot prices, enabling the company to pass on the impact of silver price fluctuations to downstream customers [2]. Group 2: Risk Management Strategies - To further reduce the risk of silver price volatility, the company hedges the silver price difference between sales orders and procurement orders using silver futures [2]. - The hedging strategy is closely related to the company's daily operational needs and has a clear business foundation [2]. Group 3: Financial Impact - Fluctuations in silver prices affect several financial statement items, including operating income, operating costs, investment income, and fair value change gains, but do not impact the company's long-term actual operating profits [2]. - During the recent rapid increase in silver prices, the company recognized fair value change losses for silver futures and silver leasing based on the silver spot price at the balance sheet date, while inventory cannot be recognized for appreciation [2].

Core Viewpoint - The company intends to acquire a 62.5% stake in Jiangsu Jingkai Semiconductor Technology Co., Ltd. for 300 million yuan, which will make Jiangsu Jingkai a subsidiary and included in the consolidated financial statements [1][4]. Group 1: Acquisition Details - The acquisition involves a cash payment of 300 million yuan to Jiangsu Jingkai's shareholders, including Shenzhen Jingkai Electronic Technology Co., Ltd., Zhang Yaqun, and Shenzhen Huihe Investment Partnership [4]. - The transaction will enhance the company's storage chip business, integrating chip application development, wafer testing, and chip packaging and testing into a comprehensive industrial chain [7]. Group 2: Financial Performance - Jiangsu Jingkai reported a net loss of 372,000 yuan in the first four months of the year [5]. - For the fiscal year 2024, the company reported a revenue of 15.35 billion yuan, a 59.9% increase year-on-year, but a net profit decline of 6.7% to 360 million yuan [7]. - In the first half of 2025, the company achieved a revenue of 8.34 billion yuan, a 9.9% increase year-on-year, but a significant net profit drop of 70% to 69.81 million yuan [7]. Group 3: Financial Health - The company's asset-liability ratio was high at 80.42% as of mid-2025 [8]. - Accounts receivable have increased significantly, from 894 million yuan at the end of 2022 to 4.204 billion yuan by mid-2025, representing 45.46% of total assets [9].