打新，飞一般的感觉。 今年上半年，打新市场延续了去年的火爆的势头。 第一财经根据Wind数据统计，上半年，8成新股一签浮盈过万元，最高则浮盈超6万元，可谓市场之内 皆是"肉签"。丰厚的打新收益，吸引来了大量资金参与，导致中签概率大幅下降，平均值仅为去年均值 的1/2左右。 打新行情火爆之际，过去被广泛关注的新股"三高"问题，即"高发行市盈率+高发行价格+高超募"，正在 持续朝着"低首发市盈率+低首发价格+低募资规模"方向迈进。 打新"飞一般的感觉" Wind数据显示：2025年上半年，A股共有51家新上市公司，较2024年上半年的44家增长了15.91%。其 中，创业板IPO数量最多，为20家；主板有18家、科创板有7家、北交所有6家。 上述51只新股，上市首日零破发，赚钱效应远高于去年上半年：首日平均涨幅达到229.09%，去年同期 为136.05%；44只上市首日涨幅超过1倍、29只涨幅超过2倍、13只涨幅超过3倍。 3月20日上市的江南新材（603124.SH），发行价为10.54元/股，盘中最高涨幅超过700%，创今年以来新 股首日最大涨幅，收盘涨606.83%，报收74.5元/股，全天换手率高达85 ...

Summary of the Conference Call for 博迁新材 Company Overview - 博迁新材 is the only domestic company mastering PVD technology for powder production, benefiting from the recovery of AI servers and high-end consumer electronics, leading to a steady growth in high-end electronic powder demand, expected to reach around 250 million yuan [2][5][30] Key Industry Insights - The global MLCC market size is estimated between 100 billion to 110 billion USD, with a recovery of single-digit growth expected in 2024 and 2025 due to increased demand from AI servers and new energy vehicles [2][16][18] - The photovoltaic (PV) industry is experiencing a trend of reducing silver usage, with copper paste technology accelerating as a substitute, expected to reach an application volume of 30GW to 40GW in the coming year [2][8][32] Core Business Performance - The core business of 博迁新材 is nickel powder, contributing 70% to 80% of revenue, primarily used in MLCC for consumer and automotive electronics. In Q1 2024, revenue reached 250 million yuan with a net profit of nearly 50 million yuan, a 200% year-on-year increase, and a gross margin recovery to 32% [2][13][14][30] - The copper powder market for BC battery scenarios is expected to contribute a market space of over 700 tons by 2026, with significant growth potential [2][6] Financial Projections - The electronic powder business is expected to maintain stable profit levels, projected to reach around 250 million yuan [2][5] - The copper powder business is anticipated to see large-scale introduction in 2026, with expected shipments exceeding 1,000 tons and a gross margin of over 30% [4][31] - Overall, the company expects to achieve around 500 million yuan in revenue by 2026, with a market capitalization potentially reaching 15 billion yuan based on a 30x P/E ratio [4][32] Competitive Advantages - 博迁新材's competitive edge in the electronic powder sector lies in its strong technical capabilities, market position, brand accumulation, and continuous innovation, particularly through its unique PVD process [3][24] - The company has established a strong position in the copper powder market by collaborating with major clients in the PV sector, successfully developing silver-coated copper powder and HCD copper paste with initial shipments [2][9][28] Market Trends and Future Outlook - The demand for MLCCs is significantly driven by AI servers, with usage per server increasing dramatically compared to traditional servers [17] - The company is well-positioned to benefit from the domestic substitution trend in the powder supply chain, particularly in the PV sector [2][9] Key Milestones - Important milestones include the completion of technology validation by major clients in Q3 2025 and the large-scale introduction of copper paste in BC batteries in Q1 2026, which are expected to catalyze further growth [4][33]

白银有色集团股份有限公司 BAIYIN NONFERROUS GROUP CO.,LTD. 会议资料 股票简称：白银有色 股票代码：601212 二〇二五年六月 目 录 白银有色集团股份有限公司 为了维护全体股东的合法权益，确保现场股东大会的正常秩序和 议事效率，保证现场会议的顺利进行，根据《公司法》 、《上市公司股 东大会规则》等有关法律法规和《公司章程》的规定，现就白银有色 集团股份有限公司 2024 年年度股东大会现场会议规则明确如下： 一、出席现场会议的股东及股东代理人应当在会议现场按照工作 人员的指示办理会议登记手续。登记时间：2025 年 6 月 25 日（下午 二、为确认出席大会的股东或其代理人或其他出席者的出席资格， 会议工作人员及公司聘请的律师将对出席会议者的身份进行必要的 核对工作，请被核对者予以配合。 三、个人股东亲自出席会议的，请携带本人身份证、证券账户卡； 委托代理他人出席会议的，请携带本人有效身份证、委托人身份证、 授权委托书、委托人证券账户卡。法人股东请携带证券账户卡、营业 执照复印件或授权委托书（如法定代表人委托代理人出席）、出席人 身份证。 四、股东及股东代理人应于会议开始前 ...

从 snec 会议看光储行业发展新趋势 20250612 近期在上海召开的 SNEC 大会反馈出哪些光伏和储能行业的变化及趋势？ 在 SNEC 大会上，我们深入参观了展馆，并与相关上市公司及行业专家进行了 交流。总结起来，储能行业的状态显然好于光伏主产业链。储能作为新能源发 展的后周期，随着装机量增加特别是在欧洲，对灵活性电源的需求显著增加。 无论是户用储能还是工商业储能，从 2022 年开始欧洲大量上马新能源项目， 中国从 2023 年开始整体储能发展迅速。今年（2025 年）增速较快的区域包 括荷兰和东欧，这些地方由于电价补贴政策，增速明显。此外，欧洲和亚非拉 地区的工商业储能也呈现爆发趋势。全球大型储能系统增速较快，预计今年 （2025 年）欧洲工商储存容量将增长至 4 吉瓦时，大型储存容量将增长至 25 吉瓦时。 澳洲市场受补贴政策影响，无论是户用还是大型储存，都将迎来 3-4 倍增长，价格也较为理想。因此，今年（2025 年）光伏与储能行业中值得关 注的是快速发展的储能领域。 博迁新材是无银化趋势中的核心受益者，其高端纳米镍粉业务受益于 AI 终端需求增长，纳米镍粉尺寸不断缩小，预计到 2030 年 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 57.3 CNY based on a 30x PE for 2026 [7]. Core Views - The company is positioned as a leader in electronic powder materials, leveraging its advanced technology to expand into the new energy sector, which is expected to become a second growth driver [12]. - The company has a strong management team with a dual focus on technology and market development, continuously investing in R&D to enhance its competitive edge [17]. - The recovery of the MLCC (Multi-layer Ceramic Capacitor) market is anticipated in 2024, driven by the demand from AI servers and high-end consumer electronics, which will positively impact the company's revenue and profitability [38]. Summary by Sections 1. Focus on Electronic Powders and New Energy - The company has deepened its expertise in nano metal powder materials and is accelerating its entry into the new energy sector, aiming to establish a dual main business structure of high-end electronics and photovoltaics [12]. - The company has made significant advancements in nickel powder technology, which is crucial for MLCC production, and is expected to see a recovery in net profit starting in 2024 [23]. 2. AI Server Driven MLCC High-End Development - The MLCC industry is entering a new growth cycle, with a projected global market size increase of 7% in 2024, reaching 104.2 billion CNY [38]. - AI servers are expected to significantly increase the demand for MLCCs, with each server using 4000-6000 MLCCs, which is 2-3 times more than traditional servers [40]. 3. Technological Strength and Market Position - The company is recognized for its leading technology in electronic powders, particularly in the PVD (Physical Vapor Deposition) process, which creates a competitive barrier in the market [12]. - The company has established strong relationships with key clients, benefiting from the recovery of high-end consumer electronics and AI server demand [17]. 4. Financial Forecast and Investment Recommendations - The company is projected to achieve a net profit of 249.5 million CNY in 2025, with a year-on-year growth of 185.23%, and an EPS of 0.95 CNY [7]. - The report emphasizes the company's strong market position and technological capabilities, justifying the "Buy" rating and the target price based on future earnings potential [7].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 57.3 CNY based on a 30x PE for 2026 [7]. Core Insights - The company is positioned as a leader in electronic powder materials, leveraging its advanced technology in nickel powder production for MLCCs and expanding into the renewable energy sector, which is expected to drive its second growth phase [7][12]. - The company has a strong management team with a dual focus on technology and market development, which has led to significant R&D investments and a robust product pipeline [12][17]. - The recovery of the MLCC market is anticipated in 2024, with a projected revenue increase driven by the demand from AI servers and high-end consumer electronics [7][38]. Summary by Sections 1. Focus on Electronic Powders and Dual Growth Drivers - The company has deepened its expertise in nano metal powder materials and is expanding into the renewable energy sector, establishing a dual business model focused on high-end electronics and photovoltaic materials [12]. - The company has transitioned from a focus on nano metal powder technology to a broader product range, including copper paste for photovoltaic applications, which is expected to contribute significantly to future revenues [12][28]. 2. AI Server-Driven MLCC High-End Market - The MLCC industry is entering a new growth cycle, with a projected global market size increase of 7% in 2024, reaching 104.2 billion CNY, and further growth expected in 2025 [38]. - AI servers are significantly increasing the demand for MLCCs, with usage per server expected to rise dramatically, thus driving the need for high-performance, small-sized components [40][41]. 3. Technical Strength and Market Position - The company has established itself as a hidden champion in electronic powder materials, with its PVD process creating significant barriers to entry for competitors [7][12]. - The company is deeply integrated with major clients, such as Samsung Electro-Mechanics, which accounts for over 50% of its sales, positioning it well to benefit from the recovery in high-end MLCC demand [7][12]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve a net profit of 249.5 million CNY in 2025, with a growth rate of 185%, and further increases projected for 2026 and 2027 [7]. - The report emphasizes the company's strong market position and technological capabilities, justifying the "Buy" rating and the target price based on future earnings potential [7][12].

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证券代码：834475 证券简称：三友科技 公告编号：2025-046 三门三友科技股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □其他 二、 投资者关系活动情况 活动时间：2025 年 5 月 15 日 15:00-17:00 活动地点：价值在线（https://www.ir-online.cn/）网络互动平台 参会单位及人员：通过网络方式参加公司 2024 年年度报告业绩说明会的全 体投资者 上市公司接待人员：公司董事长吴用先生；公司董事、总经理吴俊义先生； 公司董事、财务负责人梁建明先生；公司董事会秘书毛玲丽女士。 □路演活动 三、 投资者关系活动主要内容 本次业绩说明会通过播放年报讲解视频等形式对公司情况及 2024 年经营业 绩情况进行介绍。同时公司在业绩说明会上就投资者关心的问题进行了回答，主 要问题及回复情况如下： 问题 1：公司 2024 年净 ...

今年以来，光伏领域的企业纷纷向港交所发起冲刺。 目前，钧达股份(02865.HK)已成功登陆港交所，而晶澳科技、中润光能和思格新能源等企业仍在排队等 待上市。 近日，光伏产业链上游领域的建邦高科首次向港交所递交了招股说明书，拟于港交所主板挂牌上市，中 信建投国际为独家保荐人。 通过披露的招股书，这家靠光伏电池原料银粉;发家的企业，向市场揭开了其面纱。 获沙特阿美入股的市场一哥 建邦高科是国内研究、开发、生产及销售银粉的先行者，产品组合主要包括多种银粉产品，最终用于光 伏电池的生产。 公司在招股书中表示，其已开发出独立、领先、全面的银粉生产技术和工艺系统，并拥有自主知识产 权，使公司能够迅速应对不断变化的客户和产品需求提供广泛的银粉产品，最终用于生产所有主流光伏 电池，包括PERC、TOPCon、HJT及xBC电池。 作为行业先锋，建邦高科在行业中占据了重要地位。 资料显示，按中国光伏银粉销售收入计，于往绩记录期间(截至2024年12月31日止三个年度)，建邦高科 在所有国内生产商中排名第一，在所有全球生产商中排名第二，市场份额为9.9%。全球行业排名第一 的是来自日本的企业，市场份额高达24.6%，远超其他厂 ...

据建邦高科IPO(首次公开募股)申请资料，建邦高科的历史可追溯至2010年3月。彼时，建邦高科的运营 附属公司建邦胶体材料成立，该公司将专注于高科技新能源及先进材料领域。2012年12月，建邦胶体材 料启动针对光伏应用领域银粉商业生产的合作研发项目。2023年四季度，建邦高科率先成为能够生产与 TOPCon电池LECO(激光增强接触优化)技术相容的银粉的国内公司之一。 2022年、2023年、2024年，建邦高科营收分别为17.59亿元、27.82亿元和39.50亿元，利润分别为0.24亿 元、0.60亿元和0.79亿元。建邦高科表示，公司收入与年内利润显著增长，主要受益于公司银粉产品的 销量增加。而银粉产品销量增加受益于公司持续成功应对不断变化的市场需求。同时，政府利好政策促 进了光伏电池产业整体快速发展。 据了解，光伏银粉行业上游包括银矿开采、硝酸银冶炼等行业。处于中游的光伏银粉制造商则将硝酸银 加工为导电性极佳的银粉。在下游，光伏银浆制造商采购光伏银粉作为生产光伏银浆的主要原材料，然 后，光伏电池制造商利用光伏银浆生产光伏电池。 由于光伏行业快速发展，全球对光伏银粉的需求量大幅增加。全球光伏银粉产量由2 ...