格隆汇12月30日丨菲利华(300395.SZ)在互动平台表示，目前公司业务暂未涉及机器人领域。高性能石 英玻璃材料及制品，石英玻璃纤维和以石英玻璃纤维为基材的复合材料及制品，是半导体、航空航天、 光学、电子电路制造、光伏及光通讯等行业和国家相关重大工程不可或缺的重要基础性材料及制品。 公司立足于石英玻璃领域，专注开发气熔石英玻璃、合成石英玻璃、电熔石英玻璃与石英玻璃纤维及制 品。主导产品有石英玻璃锭、筒、管、棒、板、片，石英玻璃器件，石英玻璃纤维系列产品，石英玻璃 纤维立体编织预制件，以及以石英玻璃纤维为基材的复合材料。公司始终以"实现中国石英的崛起"为企 业使命，配套航空航天、半导体、光学、电子电路制造、光伏、光通讯等领域，为中国半导体、航空航 天等高新技术产业的崛起与发展贡献力量。 ...

四季度以来，在年底的政策预期博弈、海外流动性扰动与年底资金行为三大因素交织影响下，A股市场主要股指高位横盘，商业航天、海峡两岸、AI算力、 贵金属等板块快速轮动。在此背景下，融资余额却在近日创下历史新高。 融资融券（两融）是券商向客户出借资金（融资）或证券（融券），客户交保证金做担保，到期还本付息或还券，属于带杠杆的信用交易。 Choice数据显示，截至2025年12月10日，沪深北三市的融资融券余额达到25142.89亿元，创下历史新高；其中，作为两融主体的融资余额连续三个交易日增 长，达到24964.06亿元，也达到历史最高水平。 广发证券表示，在流动性环境改善及风险偏好回升的背景下，市场换手率及两融占比均有望进一步上行突破，尤其是融资余额通常具备稳定且"易升难降"的 特征，预计两融余额仍有望维持上行通道。华泰证券研究所所长张继强同样预计，两融资金明年仍有望跟随市场风险偏好呈现温和扩张。 从行业（申万二级）来看，12月以来融资净买入额位列前5的板块为半导体、通信设备、电池、元件、消费电子，融资净买入额分别为701.86亿元、569.22亿 元、402.13亿元、359.68亿元、284.31亿元。 具体到 ...

Core Insights - The defense and aerospace industry is experiencing sustained high demand, particularly in the two aircraft sectors and commercial aerospace, which are seen as new growth drivers [2][5][13] - The report highlights the increasing frequency of commercial space launches, with companies like SpaceX targeting a valuation of $1.5 trillion as they prepare for an IPO [5][14] - Investment opportunities are identified in various sectors, including domestic demand and overseas expansion, AI-driven upgrades in military technology, and the potential for new materials and technologies in aviation and space [5][15] Industry Overview - The report notes that the demand for high-end aviation equipment is expected to continue, with significant opportunities for domestic engine replacements in the civil aviation market [23] - The commercial aerospace sector is seeing a notable increase in aircraft deliveries, with a reported 44% year-on-year growth in the delivery of wide-body aircraft as of October 2025 [5][13] - The report emphasizes the importance of strategic partnerships, such as the long-term supply agreement between Yingliu Aviation and Ansaldo Energia, which marks a shift towards large-scale collaboration [5][13] Company Analysis - Companies like AVIC Shenyang Aircraft Corporation and AVIC Xi'an Aircraft Industry Group are highlighted for their potential to benefit from increased domestic and international demand [15][29] - The report discusses the strong growth prospects for companies involved in AI-driven military upgrades, recommending a focus on firms like Ruichuang Micro-Nano and AVIC Optoelectronics [15][18] - The financial outlook for key companies is optimistic, with projected earnings growth and favorable valuation metrics, such as a dynamic PE ratio of approximately 40X for Ruichuang Micro-Nano [18][19] Market Performance - The report indicates that the China Securities Military Industry Index has shown a weekly increase of 2.53%, with a year-to-date increase of 27.99% as of the report date [36] - The military sector has outperformed major indices, indicating strong investor interest and confidence in the defense and aerospace markets [36] Investment Recommendations - The report suggests focusing on companies that are well-positioned to capitalize on the expanding domestic and international markets, particularly those involved in military and aerospace technology [15][23] - Specific companies recommended for investment include AVIC Shenyang, AVIC Xi'an, and Ruichuang Micro-Nano, among others, due to their strategic positioning and growth potential [15][18][29]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The overall performance of the company has significantly improved due to the recovery in defense demand, with a projected balanced defense revenue across the four quarters of 2025. The aerospace sector shows strong profitability, contributing to the company's performance improvement. The semiconductor business is experiencing steady growth, while the photovoltaic segment continues to decline due to intensified competition and supply-demand mismatches [2][6]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 1.382 billion yuan, representing a year-on-year increase of 5.17%. The net profit attributable to the parent company was 334 million yuan, up 42.23% year-on-year. In Q3 2025, the revenue was 474 million yuan, reflecting an 18.82% year-on-year increase but a 5.56% decrease quarter-on-quarter. The net profit for Q3 was 112 million yuan, a 79.51% increase year-on-year but a 3.97% decrease quarter-on-quarter [6][12]. Business Segment Insights - In the aerospace sector, the company is one of the few manufacturers globally with mass production capabilities for quartz glass fiber and is a leading supplier in the domestic aerospace market. The company is continuously developing a series of quartz glass fiber products to enhance performance and extend the industrial chain [12]. - In the semiconductor sector, the company is actively pursuing domestic substitution and has made progress in the production of high-purity synthetic quartz sand, with stable production capabilities for large-scale low-hydroxyl synthetic quartz materials [12]. - The company has a fully integrated production capability in the quartz electronic cloth sector, covering all stages from quartz sand to electronic cloth, which is a core competitive advantage in the market [12]. Future Profitability Projections - The company is expected to achieve net profits attributable to the parent company of 460 million yuan, 1.39 billion yuan, and 2.29 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 45%, 205%, and 64%. The corresponding price-to-earnings ratios are projected to be 95, 31, and 19 times [12].

Group 1 - Report research object: Feilihua [16] - Industry: Non-metallic materials [16] - Reception time: September 4, 2025 [16] - Company reception personnel: Board Secretary Zheng Wei, Securities Affairs Representative Peng Wei [16] Group 2 - Detailed research institutions: CITIC Securities, Industrial Securities, Orient Fortune Securities, Jianxin Fund, Changsheng Fund, China Merchants Fund, Xitai Investment, and Quanguo Fund [17] Group 3 - Proportion of research institutions: 38% securities companies, 50% fund management companies, 13% investment companies [18] Group 4 - In 2025 H1, quartz electronic cloth achieved sales revenue of 13.1248 million yuan and is in the client small - batch testing and end - customer certification stage [21] - The company has vertical integration R & D and production capabilities across the entire quartz electronic cloth industry chain and has 7 - year R & D experience. It is also the leading supplier of quartz fiber for the aerospace field [23] - The company is a domestic leader in large - scale synthetic quartz glass materials manufacturing. It can produce TFT - LCD photomask substrates from G4.5 to G10.5 generations. The Hefei project can supply in batches and has small - batch shipments, while the Jinan project has completed the mass - production line for basic products and is optimizing the process [24] - The high - purity synthetic quartz sand project has entered the pilot - test stage; some products have formed mass - production capabilities, and some products are at the domestic leading level and have passed customer verification [25] - The company is a leading global and domestic supplier of quartz glass fiber in the aerospace field. In 2025 H1, quartz fiber demand recovered, and multiple high - performance composite product projects were successfully developed, with 1 project in mass production [26]

Group 1: Quartz Electronic Fabric Development - In the first half of 2025, the sales revenue of quartz electronic fabric reached 13.12 million yuan, currently in small batch testing and client certification phase [1] - The company is closely monitoring market conditions to plan and build production capacity, but faces uncertainties due to client product iterations and testing [1][2] Group 2: Photomask Substrate Technology - The company is among the few in China engaged in synthetic quartz glass R&D and manufacturing, leading in large-scale production technology [3] - Successfully developed G10.5 generation photomask substrates in 2022, with production capabilities ranging from G4.5 to G10.5 [3] Group 3: Semiconductor Material Localization - The company is advancing technology R&D and process improvements for domestic substitution of quartz glass materials [4] - High-purity synthetic quartz sand project has entered the pilot test phase, with stable production capabilities for black and white quartz and high uniformity synthetic quartz products [4] Group 4: Aerospace Business Progress - The company is one of the few global manufacturers with mass production capabilities for quartz glass fibers, serving as a leading supplier in the aerospace sector [5] - Ongoing development of advanced structural and functional composite materials based on market and client needs [5][6] Group 5: Market Demand and Production Capacity - In the first half of 2025, demand for quartz fibers has rebounded, with multiple high-performance composite material projects successfully developed and one project entering mass production [6]

Core Viewpoint - Quartz glass fiber, with a silica content exceeding 99.99%, exhibits exceptional thermal resistance and electrical insulation properties, making it suitable for various high-temperature applications in aerospace, military, and semiconductor industries [1][3][5]. Production Process - Quartz glass fiber is produced by refining pure natural crystal into molten quartz glass rods, which are then drawn into fibers. The production methods include hydrogen-oxygen flame and plasma methods, with various coatings applied based on intended use [3][4]. Physical and Chemical Properties - The chemical composition of quartz glass fiber closely resembles that of high-purity quartz glass, resulting in similar physical and chemical properties [4]. - It has superior electrical insulation properties, with the lowest dielectric constant and loss factor among mineral fibers, making it ideal for high-frequency applications [5][6]. Mechanical Properties - Quartz glass fiber has a tensile strength of 6,000 MPa, which is three times that of standard glass fibers. Its tensile modulus and elongation at break are also competitive compared to other fibers [11][12]. Thermal Properties - The softening temperature of quartz glass fiber is 1,700 °C, and it can be used continuously at temperatures up to 1,050 °C. It exhibits minimal weight loss (less than 1.5%) after being subjected to 1,000 °C for 1,000 hours [16][17]. Applications - The superior electrical insulation properties make quartz glass fiber suitable for radar domes in military aircraft, electromagnetic emission windows, and high-frequency circuit boards [20]. - Its thermal resistance allows for applications in aerospace, such as heat-resistant auxiliary facilities around spacecraft engines, thermal protection systems, and ablative materials for re-entry [21].

Core Viewpoint - The company has announced that its high-purity synthetic quartz sand project has entered the pilot test stage, which will enhance its complete industrial chain construction and ensure supply chain security [1] Company Summary - The high-purity synthetic quartz sand project is crucial for the company's strategy to build a complete industrial chain and secure its supply chain [1] - The company is closely monitoring changes in international trade policies and actively responding to ensure operational stability [1] Industry Summary - The aerospace industry, as a core area of national strategic technological strength, will continue to benefit from industry dividends, with the application scale of quartz glass fiber and composite materials based on quartz glass fiber expected to expand [1]