Summary of Conference Call on Chemical Materials in Commercial Aerospace Industry Overview - The commercial aerospace sector has a significant demand for specialty chemical materials, including carbon fiber, epoxy resin, ceramic shells, thermal insulation materials (PI, PET), and high-temperature alloys (containing chromium salts, tantalum, and niobium) due to their superior performance and adaptability to space environments [1][3]. Key Insights and Arguments - **Ceramic Shells**: The highest value chemical material in satellite manufacturing, with a single satellite requiring approximately 1 million yuan worth of ceramic shells. If 4,000 satellites are launched over three years, the market size could reach 4 billion yuan, presenting substantial opportunities for suppliers [1][4][6]. - **Carbon Fiber**: Used extensively in satellites, with each satellite utilizing tens to hundreds of kilograms. The price ranges from hundreds of thousands to millions per ton, indicating a broad market potential as a significant growth point in commercial aerospace chemical materials [1][4][6]. - **Tantalum and Niobium Alloys**: Although their overall usage is relatively low, they are crucial components in rockets. The sales volume may decrease due to advancements in rocket reusability technology [2][5]. Notable Companies and Market Opportunities - **Guocera Materials**: A core supplier of ceramic shells, holding a significant market share in domestic satellite launches. The company is expected to significantly enhance its performance in the commercial aerospace sector [1][6]. - **Zhenhua Co., Ltd.**: Produces specialized products benefiting from environmental regulations and military demand growth, showing continuous economic improvement and reasonable valuation, making it a company to watch in commercial aerospace applications [1][6]. - **Dongcai Technology**: Leading in the field of bismaleimide resin, indicating a strong position in the market [1][6]. - **Longbai Group**: Produces titanium materials and other additives for aerospace products, demonstrating significant advantages in its niche market [1][6]. Additional Important Points - The materials used in satellites must withstand extreme temperature variations and strong electronic radiation while maintaining high precision. Common materials include carbon fiber reinforced resin composites, epoxy resin, and bismaleimide resin [3]. - Thermal insulation materials such as PI, PET, and polyester short fibers are also essential for satellite applications [3][4].

Core Viewpoint - Sichuan Dongcai Technology Group Co., Ltd. plans to change the use of 7,934,891 shares held in the share repurchase special securities account from "for implementing the equity incentive plan" to "for cancellation and corresponding reduction of registered capital" [1][2] Group 1: Share Repurchase Basic Information - The company approved a share repurchase plan on January 25, 2024, with a budget of no less than RMB 50 million and no more than RMB 100 million, to be executed within 12 months through the Shanghai Stock Exchange [1] - As of January 24, 2025, the company completed the repurchase, acquiring a total of 7,934,891 shares, representing 0.88% of the current total share capital, with a total expenditure of approximately RMB 69.99 million [2] Group 2: Reason for Share Cancellation - The decision to change the use of the repurchased shares is based on the company's actual operating conditions and development strategy, aiming to enhance shareholder value and investor confidence [2][3] Group 3: Decision-Making Process for Share Cancellation - The board of directors approved the proposal to change the use of repurchased shares and reduce registered capital on August 7, 2025, followed by approval from the shareholders' meeting on November 10, 2025 [3] - The company has completed the creditor notification process as required by law, with no objections received during the public notice period [3] Group 4: Changes in Share Capital Structure - After the cancellation of the repurchased shares, the total share capital will decrease from 1,018,117,834 shares to 1,010,182,943 shares, and the registered capital will reduce from RMB 1,018,117,834 to RMB 1,010,182,943 [4] Group 5: Impact of Share Cancellation - The cancellation of repurchased shares aligns with relevant regulations and reflects the company's confidence in future development, which is expected to enhance shareholder returns and investor confidence [4] - The canceled shares represent approximately 0.78% of the current total share capital, and the action will not significantly impact the company's financial status, operational results, or debt repayment capacity [4] Group 6: Follow-up Arrangements - Following the completion of the share cancellation, the company will promptly handle the necessary business registration changes and comply with information disclosure obligations as per legal requirements [4]

Core Viewpoint - The article emphasizes the AIPCB wave and highlights the investment opportunities arising from the upgrade of M9 materials, focusing on four main lines of development [1]. Group 1: Low Dielectric Electronic Fabrics - The transition from LDK to second-generation fabrics is underway, with M9 paired with Q fabrics evolving towards third-generation products [17]. - The market for low dielectric electronic fabrics is expected to grow rapidly, driven by AI server demand, with a projected compound annual growth rate of 23.8% from 2024 to 2033 [20][23]. Group 2: Electronic Resins - The use of hydrocarbon resins in M9 is expected to increase significantly, with a ratio of hydrocarbon resins to PPO rising to 2:1, enhancing the value of materials [31][34]. - New types of resins are becoming mainstream, with hydrocarbon resins being the preferred choice for next-generation high-frequency CCLs [31][39]. Group 3: Fillers - The proportion of spherical silica micro-powder in M9 is expected to increase significantly, with high-performance spherical silica micro-powder filling ratios expanding to over 40% [36][40]. - Liquid-phase preparation methods for silica are becoming the industry standard, meeting the requirements for M7 and above [40]. Group 4: Other Upstream PCB Materials - Attention is drawn to electronic-grade fluorinated copper powder and PCB-specific electronic chemicals, which are essential for the upgrade trends in high-end PCBs [3][43]. - The supply of high-end materials, including Low Dk electronic fabrics and HVLP copper foil, is facing shortages, with major manufacturers accelerating production to meet demand [7][29]. Group 5: Market Performance - The demand for high-end CCL driven by AI is accelerating the upgrade of upstream materials, with significant performance improvements observed in various AIPCB sub-sectors since mid-2025 [5][8]. - The average increase in AIPCB sub-sector indices from May to August 2025 shows substantial growth, particularly in electronic fabrics and copper foil [6]. Group 6: Investment Recommendations - Companies to watch include: 1. Low dielectric electronic fabrics: Honghe Technology, Feilihua, Zhongcai Technology [4]. 2. HVLP networks: Gangguan Copper Foil, Rongfu Technology, Longyang Electronics [4]. 3. Electronic resins: Dongcai Technology, Shengnong Group, Hongchang Electronics, Tongzi New Materials [4]. 4. Other upstream materials: Jiangnan New Materials for electronic-grade oxidized copper powder, Tiancheng Technology for PCB-specific electronic chemicals [4].

证券代码：601208 证券简称：东材科技 公告编号：2026-012 四川东材科技集团股份有限公司 关于注销回购股份的实施公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 重要内容提示： 四川东材科技集团股份有限公司（以下简称"公司"或"本公司"）拟 将存放于股份回购专用证券账户中的 7,934,891 股股份用途进行变更，由"用于 实施股权激励计划"变更为"用于注销并相应减少注册资本"。 本次回购股份注销事项计划于 2026 年 1 月 22 日办理完成。 一、公司回购股份的基本情况 公司于 2024 年 1 月 25 日召开第六届董事会第八次会议，审议通过了《关于 以集中竞价交易方式回购股份方案的议案》，同意公司以不低于人民币 5,000 万 元（含），不超过人民币 10,000 万元（含）的自有资金，通过上海证券交易所交 易系统以集中竞价交易方式回购公司股份，回购股份的期限为自公司董事会审议 通过本次回购方案之日起 12 个月内，具体内容详见公司在上海证券交易所网站 www.sse.com.cn 披露的《关于以集中竞价交 ...

Core Viewpoint - The company announced a share repurchase plan, with a total of 7.9349 million shares repurchased, accounting for 0.88% of the total share capital, at a total cost of 69.9928 million yuan [1] Group 1 - As of January 24, 2025, the company has repurchased 7.9349 million shares [1] - The total amount spent on the share repurchase is 69.9928 million yuan [1] - The purpose of the repurchased shares will be changed from "for implementing the equity incentive plan" to "for cancellation and corresponding reduction of registered capital" [1] Group 2 - The shareholders' meeting approved the proposal on November 10, 2025 [1] - The cancellation of the repurchased shares is planned to be completed by 2026 [1] - After the cancellation, the company's total share capital will decrease from 1.018 billion shares to 1.010 billion shares [1]

四川东材科技集团股份有限公司 2026 年第一次临时股东会会议资料 601208 2026 年 1 月 29 日 四川东材科技集团股份有限公司 2026 年第一次临时股东会会议议程 （2）审议议案 一、会议召开时间 （1）现场会议时间：2026 年 1 月 29 日 14 点 00 分 （2）网络投票时间：公司此次股东会网络投票采用上海证券交易所网络投票系统，通 过交易系统投票平台的投票时间为股东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30， 13:00-15:00；通过互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 二、会议召开地点：四川省成都市郫都区菁德路 209 号四川东材科技集团股份有限公司 101 会议室 三、会议主持：董事长唐安斌先生 | | 序号 | 非累积投票议案名称 | | --- | --- | --- | | 1 | 关于公司 | 2026 年度向金融机构申请综合授信额度、项目贷款额度的议案 | | 2 | 关于公司 | 年度为子公司提供担保的议案 2026 | | 3 | | 关于为公司及董事、高级管理人员购买责任险的议案 | | 4 | 关 ...

四川东材科技集团股份有限公司 关于使用闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 重要内容提示 现金管理产品名称：中国工商银行区间累计型法人人民币结构性存款产 品-专户型2026年第037期A款 证券代码：601208 证券简称：东材科技 公告编号：2026-011 现金管理期限：35天 履行的审议程序：2026年1月12日，四川东材科技集团股份有限公司 （以下简称"公司"或"本公司"）召开第七届董事会第二次会议，审议通过 了《关于使用闲置募集资金进行现金管理的议案》，同意公司及子公司在保证 募集资金投资项目（以下简称"募投项目"）施工进度和资金需求的前提下， 使用不超过人民币1.2亿元的闲置募集资金进行现金管理，上述授权额度范围内， 资金可滚动使用；现金管理期限为自公司董事会审议批准之日起12个月内有效。 一、本次现金管理概况 （一）现金管理目的 （二）资金来源 1、本次现金管理的资金来源为公司暂时闲置的募集资金。 2、募集资金的基本情况 现金管理受托方：中国工商银行股份有限公司绵阳游仙支行 ...

Market Overview - The Shanghai Composite Index fell by 0.01% on January 20, with 20 industries rising, led by the oil and petrochemical sector, which increased by 1.74%, and the building materials sector, which rose by 1.71% [1] - The basic chemical industry saw a rise of 1.15% [1] - The communication and defense industries experienced the largest declines, with drops of 3.23% and 2.87%, respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 95.723 billion yuan, with 11 industries experiencing net inflows [1] - The banking sector had the highest net inflow of 1.472 billion yuan, with a daily increase of 0.80% [1] - The real estate sector followed with a daily increase of 1.55% and a net inflow of 627 million yuan [1] - The power equipment industry had the largest net outflow, totaling 19.054 billion yuan, followed by the electronics industry with an outflow of 18.394 billion yuan [1] Basic Chemical Industry Performance - The basic chemical industry had a net inflow of 475 million yuan, with 236 out of 408 stocks rising, including 12 hitting the daily limit [2] - The top three stocks with the highest net inflow were Hongbaoli (3.38 billion yuan), Zhongyida (2.95 billion yuan), and Yanhai Co. (2.67 billion yuan) [2] - The stocks with the largest net outflow included Duofluor (3.20 billion yuan), Shenjian Co. (2.25 billion yuan), and Dongcai Technology (1.57 billion yuan) [2][4] Basic Chemical Industry Capital Inflow and Outflow Inflow Rankings - Hongbaoli: +9.96%, turnover rate 11.78%, net inflow 338.19 million yuan [2] - Zhongyida: +9.96%, turnover rate 11.59%, net inflow 294.70 million yuan [2] - Yanhai Co.: +1.94%, turnover rate 2.27%, net inflow 266.55 million yuan [2] Outflow Rankings - Duofluor: -4.63%, turnover rate 8.04%, net outflow -320.19 million yuan [4] - Shenjian Co.: -9.99%, turnover rate 28.21%, net outflow -224.89 million yuan [4] - Dongcai Technology: -6.68%, turnover rate 10.05%, net outflow -157.38 million yuan [4]

Group 1: Market Performance - The plastic sector increased by 1.15% on January 19, with Fule New Materials leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Group 2: Top Gainers in the Plastic Sector - Fule New Materials (code: 605488) closed at 43.02, with a rise of 10.00% and a trading volume of 206,900 shares, amounting to a transaction value of 863 million [1] - Double Star New Materials (code: 002585) closed at 7.74, up 9.94%, with a trading volume of 819,400 shares and a transaction value of 619 million [1] - Other notable gainers include Shuangxiang Co. (code: 002395) with a 7.81% increase, closing at 18.78, and Ruihua Tai (code: 688323) with a 7.03% increase, closing at 23.76 [1] Group 3: Market Outflows and Inflows - The plastic sector experienced a net outflow of 68.8652 million from institutional investors and a net outflow of 143 million from speculative funds, while retail investors saw a net inflow of 212 million [2] - The detailed fund flow for individual stocks indicates varying levels of net inflow and outflow among different companies [3] Group 4: Individual Stock Fund Flows - Dongcai Technology (code: 601208) had a net inflow of 134 million from institutional investors, representing 6.66% of its total [3] - Fule New Materials (code: 605488) saw a net inflow of 87.2174 million from institutional investors, accounting for 10.10% [3] - Double Star New Materials (code: 002585) had a net outflow of 43.0187 million from speculative funds, indicating a negative sentiment [3]

Core Viewpoint - The report highlights the current trends in the chemical industry, focusing on price movements, supply and demand dynamics, and investment opportunities in undervalued leading companies amid a backdrop of geopolitical tensions and changing market conditions [1][4][8]. Industry Dynamics - In the week of January 12-18, 49 out of 100 tracked chemical products saw price increases, while 20 experienced declines, and 31 remained stable. The average monthly price of 49% of products rose compared to the previous month [3]. - The average price of WTI crude oil futures increased by 0.54% to $59.44 per barrel, while Brent crude oil futures rose by 0.66% to $63.76 per barrel during the same week [4]. - As of January 9, U.S. crude oil production averaged 13.753 million barrels per day, a decrease of 58,000 barrels from the previous week but an increase of 272,000 barrels year-on-year. Total U.S. oil demand was 21.009 million barrels per day, up by 178,200 barrels from the previous week [4]. Price Movements - The price of butadiene rose by 4.04% to 9,663 yuan per ton as of January 18, with a month-on-month increase of 25.98% but a year-on-year decrease of 20.8%. The production of butadiene was 109,300 tons, down 2.85% from the previous week [5]. - Epoxy propane prices increased by 8.84% to 8,620 yuan per ton, with a year-on-year rise of 9.88%. The market operating rate was 65.38%, reflecting a 1.51% increase from the previous week [6][7]. Investment Recommendations - As of January 18, the price-to-earnings ratio (TTM) for the SW basic chemical sector is 14.68, at the 59.64% historical percentile, while the price-to-book ratio is 1.54, at the 40.20% historical percentile. The SW oil and petrochemical sector has a TTM P/E ratio of 13.44, at the 39.81% historical percentile [8]. - Investment suggestions include focusing on undervalued leading companies, the impact of "anti-involution" on supply in related sub-industries, and the growing importance of self-sufficiency in electronic materials and certain new energy materials amid rising prices [2][8]. - Recommended stocks include Wanhua Chemical, Hualu Hengsheng, and others, with a focus on sectors like semiconductor materials, OLED materials, and new energy materials [8][9].