谁能想到，以前要么被打造成银镯子、长命锁装点生活，要么当黄金"小跟班"的白银，2026年元旦突然"逆袭登基"。 中国直接把它的出口管控拉到稀土级别，这波操作让全球产业链瞬间慌了神。 2026年1月1日起，白银出口正式告别配额制，全面切换为"一单一审、一单一批"的许可证管理模式。 买家身份、货物最终用途需逐一报备公示，全国仅44家企业斩获出口资质，年产量不足80吨的中小企业被直接挡在出口大门外。 这波调控甚至惊动了世界首富马斯克，他特意在社交平台发声吐槽"这绝非好事"。曾不起眼的白银，为何突然跻身大国博弈的核心筹码？ 其背后暗藏的产业链逻辑与战略布局，值得我们深入拆解。 十几年前，白银确实没什么存在感，要么被打造成首饰摆件，要么作为收藏品流通，是贵金属圈里妥妥的"小透明"。 如今它早已逆袭，成为高科技产业的"刚需命脉"，诸多领域离了它便寸步难行。 光伏产业是白银的第一消耗大户，仅这一个领域就消耗了全球55%的白银产出。 咱们家庭安装的光伏板，核心导电层全靠银浆支撑，一旦缺少白银，太阳能向电能的转化效率会出现大幅下滑，直接影响发电效果。 除此之外，新能源汽车的电控模块、5G基站的信号传导部件，以及AI服务器的核心 ...

1月7日，博迁新材盘中上涨2.02%，截至10:54，报67.32元/股，成交1.50亿元，换手率0.86%，总市值 176.11亿元。 资金流向方面，主力资金净流入608.82万元，特大单买入403.06万元，占比2.69%，卖出224.93万元，占 比1.50%；大单买入3532.30万元，占比23.55%，卖出3101.61万元，占比20.68%。 博迁新材今年以来股价涨2.94%，近5个交易日跌2.11%，近20日涨30.26%，近60日涨9.37%。 机构持仓方面，截止2025年9月30日，博迁新材十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股662.04万股，相比上期增加122.43万股。前海开源新经济混合A（000689）位居第七大流 通股东，持股344.10万股，为新进股东。东方红智华三年持有混合A（012839）位居第九大流通股东， 持股317.53万股，相比上期增加2.37万股。东方红新动力混合A（000480）位居第十大流通股东，持股 299.52万股，相比上期增加28.69万股。睿远成长价值混合A（007119）退出十大流通股东之列。 责任编辑：小浪快报 博迁新材所属申 ...

证券日报网讯12月29日，粤桂股份（000833）在互动平台回答投资者提问时表示，600吨银粉项目建设 基本完成，产品为银浆的上游材料，正进行市场验证。满产后的营业收入与银价相关。 ...

证券日报网讯12月16日，粤桂股份（000833）在互动平台回答投资者提问时表示，公司银粉二期600吨 已开始进行市场验证，主要为银浆上游材料，满产后的收入与银的价格相关。 ...

Core Viewpoint - Boqian New Materials has experienced a stock price increase of 76.01% year-to-date, but has seen a recent decline in the last five and twenty trading days, indicating potential volatility in its stock performance [1][2]. Financial Performance - For the period from January to September 2025, Boqian New Materials achieved a revenue of 805 million yuan, representing a year-on-year growth of 10.79% [2]. - The net profit attributable to shareholders for the same period was 152 million yuan, showing a significant year-on-year increase of 78.17% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Boqian New Materials increased by 18.44% to 21,000, while the average number of tradable shares per person decreased by 15.57% to 12,434 shares [2]. - The company has distributed a total of 374 million yuan in dividends since its A-share listing, with 249 million yuan distributed over the past three years [3]. Stock Market Activity - On November 14, Boqian New Materials' stock price fell by 2.03% to 50.69 yuan per share, with a trading volume of 23.45 million yuan and a turnover rate of 0.18% [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the last occurrence on February 20 [1]. Business Overview - Boqian New Materials, established on November 5, 2010, and listed on December 8, 2020, specializes in the research, production, and sales of high-end metal powder materials for electronics [1]. - The revenue composition of the company includes nickel-based products (76.28%), copper-based products (10.27%), silver powder (4.95%), and alloys (2.16%) [1].

Core Viewpoint - Jianbang High-Tech, a leading silver powder manufacturer in the photovoltaic industry, has re-submitted its IPO application to the Hong Kong Stock Exchange after its initial submission expired in May 2023. The company faces challenges due to declining demand for silver paste as photovoltaic cell manufacturers pursue "de-silvering" strategies to reduce costs, impacting Jianbang's low profit margins and leading to a projected stagnation in growth post-2025 [1][6]. Group 1: Company Overview - Jianbang High-Tech began commercial production of silver powder for photovoltaic applications in 2012 and ranks third among domestic manufacturers in China with a market share of 9.8% as of 2024 [2]. - The company’s revenue primarily comes from direct sales of silver powder, with minimal income from processing services [2]. - The actual controller of Jianbang is Chen Zichun, the son of the founder of Shandong Jianbang Group [2]. Group 2: Market Dynamics - Silver paste is the largest non-silicon cost in photovoltaic cells, accounting for approximately 12% of total costs, and about 35% of non-silicon costs when excluding silicon wafer costs [3][4]. - The trend of "de-silvering" in the photovoltaic industry aims to reduce silver paste usage, with projections indicating a continuous decline in silver paste consumption due to advancements in technology [4]. Group 3: Financial Performance - Jianbang's revenue and profit growth from 2022 to 2024 is expected to stagnate in 2025, with a reported revenue decline of 3.6% and a profit decline of 32.1% in the first eight months of 2025 [6]. - The company's gross margin has fallen below 3% for the first time, indicating a low-profit margin business model [8]. Group 4: Competitive Landscape - The photovoltaic industry is facing overcapacity risks, leading manufacturers to lower raw material costs and impose stricter pricing and payment terms on suppliers, intensifying competition in the silver powder sector [9]. - Jianbang has experienced significant increases in inventory and receivables, with inventory growing over 65% year-on-year to 121 million yuan by the end of 2024 [9]. Group 5: Future Strategies - Jianbang plans to explore new business directions, including non-silver materials in the photovoltaic sector and expansion into the Middle East market, aiming for higher profit margins [10][11]. - The company intends to allocate part of its fundraising to enhance R&D capabilities, focusing on non-photovoltaic applications and establishing a research base in East Asia [11].

Core Viewpoint - The photovoltaic industry is experiencing strong growth, attracting significant capital, while Jianbang High-Tech, a leading Chinese silver powder manufacturer, is seeking to go public in Hong Kong despite facing challenges in profitability and market pressures [1][2]. Company Overview - Jianbang High-Tech has submitted a listing application to the Hong Kong Stock Exchange, aiming for a mainboard listing, with CITIC Securities International as the sole sponsor [1]. - The company ranks among the top three domestic manufacturers in China for photovoltaic silver powder sales revenue from 2022 to 2024, with market shares of 10.1%, 10.0%, and 9.8% respectively [1]. Financial Performance - Revenue is projected to grow from RMB 1.759 billion in 2022 to RMB 3.95 billion in 2024, while net profit is expected to increase from RMB 24.2 million to RMB 79.03 million during the same period [2]. - However, by August 31, 2025, net profit dropped to RMB 52.7 million, a year-on-year decline of 32.1%, indicating a decline in profitability despite revenue growth [2]. - The company's gross margin has remained low, fluctuating between 3.3% and 3.9%, and net profit margin between 1.4% and 2.2%, primarily due to pricing mechanisms linked to silver nitrate costs [2]. Market Challenges - The company faces significant market pressures, including a trend towards "silver reduction" and "silver-free" technologies in downstream photovoltaic cells, which could drastically reduce silver powder demand [5]. - High concentration of customers and suppliers poses risks, with the top five customers accounting for 84.4% to 95.4% of revenue, and the top five suppliers representing over 97.7% of total procurement [3]. Cash Flow and Financial Health - Jianbang High-Tech has experienced negative cash flow from operating activities, with a cumulative outflow of approximately RMB 620 million over three years, indicating insufficient cash reserves to meet operational needs [3]. - Accounts receivable surged to RMB 175 million in 2024, 2.2 times the profit for the same period, increasing credit risk exposure [3]. Industry Dynamics - The utilization rate of photovoltaic silver powder production facilities in China is approximately 31.7%, with Jianbang High-Tech's utilization rates at 36.7% and 43.4% for 2023 and 2024, respectively, indicating underutilization [4]. - The industry is facing overcapacity, leading to increased competition and price reductions, further compressing profit margins [5]. Strategic Initiatives - The company aims to leverage its upcoming IPO to diversify and innovate, focusing on research and development for non-photovoltaic silver powders and alternative conductive materials [6]. - Plans include establishing R&D centers in East Asia and a new production facility in the Middle East to capitalize on regional photovoltaic growth [6]. - The company must demonstrate its capability to transition from a trade-dependent model to an innovative technology platform amid significant challenges in its core business [6].

Core Viewpoint - Three companies from Jinan, namely Lingong Heavy Machinery, Kexing Biopharmaceutical, and Jianbang High-tech, have simultaneously submitted IPO applications to the Hong Kong Stock Exchange, highlighting the industrial vitality and potential for transformation in this traditional manufacturing city [3][4][8]. Group 1: Companies Involved - Lingong Heavy Machinery is a leading manufacturer in the mining machinery and aerial work machinery sectors, established in 2012, and ranks third among domestic companies in the global mining transport equipment and excavator market as of 2024 [4][5]. - Jianbang High-tech, a well-known silver powder supplier, has over ten years of operational experience and ranks first in China's silver powder sales revenue for 2022 and 2023, with a market share of 10.1% and 10.0% respectively [5][6]. - Kexing Biopharmaceutical, founded in 1989, previously listed on the Shanghai STAR Market in December 2020 and is now seeking to establish an "A+H" dual financing platform by applying for a listing on the Hong Kong Stock Exchange [7]. Group 2: Jinan's Industrial Landscape - Jinan has a unique industrial foundation, being the only province in China with all 41 major industrial categories, which supports its economic development [3]. - The simultaneous IPO applications from these companies signal Jinan's potential to transition from traditional manufacturing to high-end intelligent manufacturing [4][5]. - The city has seen a rise in the number of listed companies, with 46 domestic listed companies and 18 companies planning to go public as of June 30, 2025, indicating a growing presence in the capital market [15]. Group 3: Financial Ecosystem and Support - Jinan has established itself as a national pilot zone for sci-tech financial reform since November 2021, enhancing the synergy between the market and government to support the growth of sci-tech enterprises [16]. - The city has implemented various financial initiatives, including a 50 billion yuan "Central Bank Sci-tech Loan" and a 20 billion yuan risk compensation fund, to improve financing efficiency for sci-tech companies [16][17]. - The number of sci-tech enterprises in Jinan has increased significantly, from over 6,800 in 2021 to over 10,000 currently, reflecting a robust growth in the innovation sector [18].

Core Viewpoint - Jianbang High-Tech has re-submitted its IPO application to the Hong Kong Stock Exchange after its initial submission in May 2023 became invalid, facing challenges due to declining demand for silver paste in the photovoltaic industry and a significant drop in its profit margins [1][6]. Group 1: Company Overview - Jianbang High-Tech specializes in the production of silver powder for photovoltaic applications, ranking third among domestic manufacturers in China with a market share of 9.8% as of 2024 [2]. - The company has been operational in the silver powder industry since 2012 and primarily generates revenue from direct sales of silver powder, with minimal income from processing services [4]. Group 2: Financial Performance - The company experienced continuous revenue and profit growth from 2022 to 2024, but its growth stagnated in 2025, with revenue declining by 3.6% and profit dropping by 32.1% in the first eight months of 2025 compared to the previous year [1][6]. - Jianbang High-Tech's gross margin has fallen below 3% for the first time in 2023, indicating a low-profit margin business model [8]. Group 3: Market Dynamics - The photovoltaic industry is undergoing a trend of "de-silvering," where manufacturers are reducing silver paste usage to cut costs, impacting demand for Jianbang High-Tech's products [4][9]. - The company faces increased competition due to overcapacity in the photovoltaic battery sector, leading to stricter pricing and payment terms imposed by battery manufacturers [9]. Group 4: Strategic Initiatives - Jianbang High-Tech aims to expand into the Middle East market and explore new business directions, including non-silver materials and applications outside the photovoltaic sector, to achieve higher profit margins [1][11]. - The company plans to allocate part of its fundraising towards enhancing R&D capabilities, focusing on non-photovoltaic silver powder and conductive materials [11].

Core Viewpoint - Jianbang High-Tech Co., Ltd. has re-submitted its listing application after the previous one expired, indicating ongoing efforts to enter the public market amid declining market share and financial performance [1][3]. Financial Performance - The company reported revenues of 1.759 billion RMB, 2.782 billion RMB, 3.495 billion RMB, and 2.831 billion RMB for the years 2022, 2023, 2024, and the first eight months of 2025, respectively [4][5]. - Net profits for the same periods were 24.2 million RMB, 59.89 million RMB, 79.03 million RMB, and 52.71 million RMB, showing a significant drop in 2025 [4][5]. - The revenue for the first eight months of 2025 decreased by 3.6% year-on-year, primarily due to a decline in silver powder sales, despite some offset from increased prices and other product sales [6]. Market Position - Jianbang High-Tech's market share has been declining, with rankings of first, first, and third among domestic producers for the years ending December 31, 2022, 2023, and 2024, with market shares of 10.1%, 10.0%, and 9.8%, respectively [3]. - The company heavily relies on silver powder, which constituted 98.5%, 99.1%, 97.4%, and 97.3% of total revenue during the reporting periods [8]. Customer Concentration - The company has faced high customer concentration, with the top five customers accounting for 95.4%, 94.8%, and 84.4% of revenue from 2022 to 2024 [10]. - The two largest customers' contributions have significantly decreased, with one customer dropping from 1.449 billion RMB to 423 million RMB in the first eight months of 2025 [10]. Profitability and Cost Structure - The gross profit margins for the reporting periods were 3.4%, 3.9%, 3.3%, 3.8%, and 2.9%, while net profit margins were 1.4%, 2.2%, 2.0%, 2.6%, and 1.9%, indicating a downward trend [7]. - The company has experienced a significant increase in financial leverage, with debt-to-equity ratios rising from 57.8% to 75.2% over the reporting periods [11]. Accounts Receivable - The accounts receivable turnover days increased from 0.6 days to 13.9 days, indicating potential liquidity issues [12].