Core Insights - Glass microspheres exhibit significant competitive advantages in material applications compared to traditional materials, with widespread use in plastics, coatings, oil extraction, and aerospace [1][11] - The market demand for glass microspheres is continuously growing, driven by the transformation of traditional industries and the rapid development of emerging industries [1][11] Industry Overview - Glass microspheres are a new type of material developed from borosilicate raw materials, with a particle size of 10-250 microns and a wall thickness of 1-2 microns, offering lightweight, low thermal conductivity, high strength, and good chemical stability [2][10] - The market size of China's glass microsphere industry is projected to grow from 1.432 billion yuan in 2015 to 2.767 billion yuan in 2024, with a compound annual growth rate (CAGR) of 7.59% [1][11] - The hollow glass microsphere segment is expected to grow from 716 million yuan in 2015 to 1.522 billion yuan in 2024, with a CAGR of 8.74% [1][11] Industry Chain - The upstream of the glass microsphere industry includes raw materials such as quartz sand, limestone, feldspar, and soda ash, which are crucial for the supply and quality of glass microsphere production [3][6] - The midstream involves the manufacturing of glass microspheres, while the downstream applications include reflective materials, coatings, ceramics, rubber, plastics, filtration materials, oil extraction, and aerospace [3] Production and Demand - China's glass microsphere production is expected to increase from 85,200 tons in 2015 to 170,300 tons in 2024, with a CAGR of 8% [10] - The demand for glass microspheres is projected to rise from 101,600 tons in 2015 to 201,700 tons in 2024, with a CAGR of 7.92% [10] - Hollow glass microspheres are gaining traction, with production expected to grow from 21,300 tons in 2015 to 51,100 tons in 2024, and demand from 25,400 tons to 60,500 tons during the same period [10] Market Trends - The glass microsphere industry is gradually moving towards high-end applications, focusing on high refractive index, high wear resistance, and high purity to meet the needs of aerospace, precision optics, and 5G communications [23] - The industry is expected to diversify its applications into emerging markets such as renewable energy, biomedicine, and electronic packaging, while also developing functional microspheres [24] - Environmental sustainability is becoming a key focus, with efforts to optimize production processes, reduce energy consumption, and explore recycling technologies [25] Key Players - Major players in the global glass microsphere industry are concentrated in developed countries, with significant contributions from companies like 3M, Swarco, and Potters Industries [14] - In China, notable companies include China Steel Group, Wanda Glass Microspheres, and Langsheng Kaibo, which are rapidly expanding their production capabilities [14][17]

文/西风 12月20日，上交所公布对中钢集团马鞍山矿山研究总院股份有限公司科创板IPO终止审核的决定，直接原因是公司及保荐机构中信证券撤回申报。公司申报IPO于 2022年12月19日获得受理，已完成首轮问询的回复。公司本次IPO拟募集资金5.54亿元。让人意外的是，这公司实际控制人为国务院国资委。 公司第一次申报科创板IPO于2020年11月24日获得受理，保荐机构为民生证券，拟募资3.61亿元。公司完成首轮问询后，于2021年6月21日被终止审核。 一、公司实际控制人为国务院国资委，公司间接控股股东正在债务重组 公司最早为"冶金工业部黑色冶金矿山研究院"，创建于1963年，为原冶金工业部直属重点科研院所。公司前身有限公司成立于2008年3月，2019年12月整体变更为 股份有限公司，目前总股本3.0411亿余元。公司控股股东为中钢科技发展有限公司，直接持有公司88.89%的股份，公司实际控制人为国务院国资委。 | 发行人名称 | 中钢集团马鞍山矿山研究 | 成立日期 | 有限公司:2008年3月20日 股份公司:2019年12月30日 | | --- | --- | --- | --- | | | 总院股 ...