对于白银价格上涨， 认为，从白银定价逻辑来看，白银具有工业和金融两大属性。从金融属性看，全球信用货币信任度因财 政赤字扩大和地缘动荡下滑，使白银成为黄金之外另一种避险资金的优选标的。从工业属性看，2025年 工业用银占比超过60%。 白银价格又创新高。 12月22日，现货白银价格一度突破69美元/盎司关口，刷新历史高点，2025年以来累计上涨约138%。截 至当日收盘，沪银期货主力合约上涨6.06%，突破16200元/千克关口。 有分析认为，白银价格连续上涨，一方面是因为金价上涨;另一方面是因为工业需求增加。在工业需求 中，光伏产业用银量显著提升。随着N型电池技术的普及，单位装机容量的耗银量显著上升。2024年， 国内光伏银粉产量为5892吨，同比增长约30%。目前，白银已连续多年供不应求。 《每日经济新闻》记者注意到，近期光伏"去银化"技术连续突破。无银化技术电镀铜已有规模化量产， 而少银化的银包铜技术正在推进量产中。若无银、少银技术持续进步且大规模量产，将对未来白银需求 造成影响。 光伏需求影响白银市场 2016~2024年，白银总供给波动不大，甚至略有下滑，而白银总需求却持续上涨，需求增长的主因是工 业 ...

白银价格又创新高。 华联期货表示，白银供应端增长显著乏力，而需求端有明显增量，工业需求已成为核心增长引擎。2025 年全球光伏产业用银量显著提升。 在工业需求特别是光伏需求强劲增长下，白银近年来连续供不应求。2022年、2023年、2024年供给缺口 分别为7762吨、6240吨和4632吨。 然而，白银价格连续上涨也给光伏行业带来巨大成本压力，这也迫使光伏厂商纷纷开发少银、无银技 术。 目前，光伏少银技术以银包铜为代表。光伏银浆头部厂商帝科股份（SZ300842，股价61.94元，市值 89.99亿元）12月19日回复《每日经济新闻》记者："公司针对TOPCon（隧穿氧化层钝化接触）电池的 高铜浆料解决方案已经实现量产应用，预计2025年第四季度形成GW级别量产线，并进一步加大量产规 模。" 12月22日，现货白银（伦敦银现）价格一度突破69美元/盎司关口，刷新历史高点，2025年以来累计上 涨约138%。截至当日收盘，沪银期货主力合约上涨6.06%，突破16200元/千克关口。 有分析认为，白银价格连续上涨，一方面是因为金价上涨；另一方面是因为工业需求增加。在工业需求 中，光伏产业用银量显著提升。随着N型 ...

Group 1 - The recent surge in Hong Kong IPOs includes multiple new listings, indicating a vibrant market environment reminiscent of 2021 [1][2] - Shenzhen Chuangzhi Xinian Technology Co., Ltd. (Chuangzhi Xinian) has submitted its IPO application to the Hong Kong Stock Exchange, focusing on semiconductor packaging materials and technology [3][9] - The company previously attempted an A-share listing but withdrew its application in May 2023, citing strategic business considerations [3][4] Group 2 - Chuangzhi Xinian was founded in November 2006 and has undergone significant ownership changes, with the current controlling shareholder being Yao Cheng, who holds approximately 66.75% of the voting rights [5][6] - Yao Cheng's daughter, Dr. Yao Yu, also plays a key role in the company, serving as the General Manager and R&D Director [7][8] Group 3 - The company has raised a total of 589 million yuan in investments from various institutions, including Shenzhen Capital Group and the National Integrated Circuit Industry Investment Fund [7] - As of April 2025, the company's valuation was approximately 2.722 billion yuan [8] Group 4 - Chuangzhi Xinian's revenue from coating materials for 2022, 2023, and 2024 was 3.12 billion yuan, 2.75 billion yuan, and 3.29 billion yuan, respectively, with a notable increase in revenue from coating services [12][16] - The company's revenue and profit have fluctuated due to the cyclical nature of the downstream electronics industry, with a rebound expected in 2024 driven by demand from AI, electric vehicles, and data centers [14][16] Group 5 - The wet process coating materials market in China is projected to grow significantly, with an expected market size of 27.5 billion yuan by 2029, reflecting a compound annual growth rate of 12.9% from 2024 to 2029 [22] - Chuangzhi Xinian ranks sixth in the Chinese wet process coating materials market, holding a 2.7% market share [26][28] Group 6 - The company faces credit risks associated with accounts receivable, which have increased over the years, indicating potential challenges in cash flow management [19][29] - R&D investment is crucial for the company, with a total of 85.2 million yuan spent on R&D during the reporting period, representing an R&D expense ratio of approximately 8.2% [18]