路维光电公告称，公司第五届董事会第二十五次会议审议多项向特定对象发行A股股票相关议案。公司 拟向不超35名特定投资者发行，股票面值1元，发行数量不超5775.02万股，募集资金不超13.80亿元，用 于厦门路维光电高世代高精度掩膜版生产基地建设项目（一期）及补充流动资金等。发行决议有效期12 个月，上述议案多需提交股东会审议。 ...

Summary of Newway Photomask Conference Call Company and Industry Overview - **Company**: Newway Photomask (688401.SS) - **Industry**: Semiconductor and Panel Manufacturing - **Core Products**: Photomasks used in semiconductor manufacturing and panel production, compatible with all generations of panel production lines from G2.5 to G11 [2][3] Key Insights from Management 1. **Growing Demand for Photomasks**: Management expressed optimism regarding increasing demand for photomasks in the semiconductor sector, aligning with expectations of rising capital expenditure (capex) in China’s semiconductor industry [1][3] 2. **Capex Growth Projections**: Anticipated growth in China’s semiconductor capex from **US$41 billion in 2024** to **US$43 billion and US$45 billion in 2025 and 2026**, respectively, driven by capacity expansions from foundries and memory players [1] 3. **Advanced Nodes Capacity Expansion**: Continuous capacity expansion is expected from local foundries in advanced nodes to support the development of local AI chips and the growing AI ecosystem [1] 4. **Localization Trend**: A rising trend towards localization in semiconductor production is anticipated, initially focusing on logic before expanding to memory over the next two years, which will benefit local suppliers of semiconductor production equipment (SPE) [1] 5. **Product Range and Precision**: The company primarily covers **130nm+ process nodes**, with capabilities extending to **90nm, 40nm, and 14nm**. Advanced nodes require higher precision and customization, leading to higher entry barriers for competitors [3] Capacity Expansion Plans - **Locations**: Management is committed to expanding capacity in **Chengdu and Xiamen**, focusing on photomasks for both semiconductors and Gen-8.6 OLED panels [3] - **Market Diversification**: The company aims for a balanced contribution from both semiconductor and panel markets in the long term [3] Investment Recommendations - **Buy Recommendations**: Analysts recommend buying stocks of companies involved in semiconductor production equipment, including Naura, AMEC, ACMR, Accotest, and Kematek, in light of the positive trends in the semiconductor industry [1] Additional Considerations - **Customization Needs**: Customers are increasingly requesting customized photomasks, necessitating close collaboration between Newway Photomask and its clients [3] - **Defect Tolerance**: Advanced nodes exhibit lower defect tolerance, which emphasizes the need for high precision in photomask manufacturing [3]

Core Viewpoint - The Zhejiang Securities Regulatory Commission has issued an administrative penalty decision against Jin Yongrong for engaging in reverse trading and "hat manipulation" after publicly recommending stocks, revealing significant misconduct in the securities market. Group 1: Background and Influence - Jin Yongrong, born in 1988, has gained substantial recognition in the securities investment field through his "Jin Huo" account on the Xueqiu platform, where he published stock recommendations and engaged with audiences across various platforms including Taoguba, WeChat, and Xiaohongshu [1][2]. - As of April 2025, the "Jin Huo" account had over 107,000 followers, with an average reading of 1.3 million per post from September 2024 to April 2025, indicating a significant influence on the market [1][2]. Group 2: Manipulative Actions - Between September 2, 2024, and April 16, 2025, Jin Yongrong publicly recommended 32 stocks while simultaneously executing large reverse sell transactions on the same day or the following day, totaling approximately 630.59 million yuan in trading volume and yielding illegal gains of about 41.62 million yuan [1][2]. - The actions of Jin Yongrong were characterized by a clear contradiction between his public recommendations and subsequent selling activities, which were executed shortly after the recommendations [6][9]. Group 3: Regulatory Findings - The Zhejiang Securities Regulatory Commission determined that Jin Yongrong's activities constituted public stock recommendations, as his posts were widely disseminated and influenced investor behavior [8]. - The commission noted that the trading activities aligned with the typical characteristics of "hat manipulation," where the direction of trading was opposite to the recommendations made [9].

Core Viewpoint - Shenzhen Luwei Optoelectronics Co., Ltd. has decided not to exercise the early redemption rights of its convertible bonds, despite triggering the conditional redemption clause due to stock price performance [2][10]. Group 1: Convertible Bond Issuance Overview - The company issued convertible bonds totaling RMB 615 million, with a maturity of 6 years and a face value of RMB 100 per bond, resulting in a net fundraising amount of approximately RMB 607.16 million after deducting issuance costs [3]. - The bonds were listed on the Shanghai Stock Exchange on July 10, 2025, under the name "Luwei Convertible Bonds" with the code "118056" [4]. - The conversion period for the bonds started on December 17, 2025, and will last until June 10, 2031 [5]. Group 2: Redemption Clauses and Trigger Conditions - The conditional redemption clause allows the company to redeem the bonds if the stock price remains at or above 130% of the conversion price for at least 15 out of 30 consecutive trading days [9]. - The stock price condition was met between December 17, 2025, and January 8, 2026, triggering the redemption clause [9]. Group 3: Decision on Early Redemption - The company's board of directors held a meeting on January 8, 2026, and resolved not to exercise the early redemption rights, citing confidence in the company's long-term development and investor protection [10]. - The company will reassess the situation after three months, starting from January 9, 2026, and will hold another meeting if the redemption conditions are triggered again [10]. Group 4: Related Party Transactions - There were no transactions of the convertible bonds by major shareholders or executives in the six months leading up to the redemption condition being met [11]. - The company has not received any plans for future reductions in holdings of the convertible bonds from related parties [11].

Core Viewpoint - The company, Luvi Optoelectronics, announced that it will not exercise the early redemption rights for its convertible bonds, despite triggering the conditional redemption clause due to stock performance [2] Group 1 - Luvi Optoelectronics' stock price was at or above 130% of the conversion price of the "Luvi Convertible Bonds" for 15 out of 30 trading days from December 17, 2025, to January 8, 2026 [2] - The board of directors decided on January 8, 2026, not to redeem the "Luvi Convertible Bonds" early [2]

Core Viewpoint - The company, Lu Wei Optoelectronics, has triggered the conditional redemption clause for its convertible bonds due to the stock price meeting specific criteria, but has decided not to exercise the early redemption option at this time [1] Group 1: Convertible Bonds - The company's stock price has been at or above 130% of the conversion price of the "Lu Wei Convertible Bonds" for 15 out of 30 consecutive trading days from December 17, 2025, to January 8, 2026, triggering the conditional redemption clause [1] - On January 8, 2026, the company's board of directors approved a resolution not to exercise the early redemption rights for the "Lu Wei Convertible Bonds" [1] - The company will not exercise the early redemption rights for the "Lu Wei Convertible Bonds" in the next three months (from January 9, 2026, to April 8, 2026), even if the redemption clause is triggered again [1] Group 2: Future Considerations - After April 8, 2026, if the conditional redemption clause is triggered again, the company's board will convene to decide on the early redemption rights [1]

| 证券代码：688401 | 证券简称：路维光电 | 公告编号：2026-003 | | --- | --- | --- | | 转债代码：118056 | 转债简称：路维转债 | | 深圳市路维光电股份有限公司 关于不提前赎回"路维转债"的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 深圳市路维光电股份有限公司（以下简称"公司"）股票自2025年12月17 日至2026年1月8日期间，满足连续三十个交易日中有十五个交易日的收盘价格 不低于"路维转债"当期转股价格的130%（含130%，即42.51元/股），已触发 《深圳市路维光电股份有限公司向不特定对象发行可转换公司债券募集说明书》 （以下简称"《募集说明书》"）中规定的有条件赎回条款。 公司于2026年1月8日召开第五届董事会第二十四次会议，审议通过了《关 于不提前赎回"路维转债"的议案》，决定本次不行使"路维转债"的提前赎 回权利，不提前赎回"路维转债"。 在未来3个月内（即2026年1月9日至2026年4月8日），如"路维转债"再次 触发 ...

国信证券股份有限公司 关于深圳市路维光电股份有限公司 不提前赎回"路维转债"的核查意见 （三）可转债转股期限 本次发行的可转债转股期限自发行结束之日（2025年6月17日）起满六个月 后的第一个交易日（2025年12月17日，非交易日顺延）起至可转债到期日（2031 年6月10日）止（如遇法定节假日或休息日延至其后的第1个交易日；顺延期间付 息款项不另计息）。 （四）可转债转股价格 国信证券股份有限公司（以下简称"国信证券"或"保荐机构"）作为深圳 市路维光电股份有限公司（以下简称"公司"）向不特定对象发行可转换公司债 券项目的持续督导机构，根据《证券发行上市保荐业务管理办法（2025年修正）》 《上海证券交易所科创板股票上市规则（2025年4月修订）》《上海证券交易所科 创板上市公司自律监管指引第1号——规范运作（2025年5月修订）》《可转换公司 债券管理办法（2025年修正）》《上海证券交易所上市公司自律监管指引第12号 ——可转换公司债券（2025年3月修订）》《上海证券交易所上市公司自律监管指 引第11号——持续督导（2025年3月修订）》等相关规定，对公司不提前赎回"路 维转债"的事项进行了审慎核 ...

Core Viewpoint - The LCD demand is expected to improve by 2026 due to factors such as sports events, with leading manufacturers likely to drive supply-demand balance through production control [1][2] Group 1: LCD Market Outlook - The demand for LCD is anticipated to rebound, supported by major manufacturers maintaining production control to enhance supply-demand dynamics [1] - The upcoming FIFA World Cup and the continuation of trade-in policies in China are expected to boost demand for LCD TVs [1] - The average size of TV panels is projected to continue increasing, contributing to overall demand growth [2] Group 2: Supply Dynamics - Major panel manufacturers, including BOE, TCL Huaxing, and Huike, have achieved significant market share and are expected to continue production control, including reductions during the Lunar New Year [2] - According to TrendForce, TV panel prices are forecasted to rise by $1 across various sizes in January 2026 compared to the previous month [2] Group 3: OLED Market Potential - The potential demand for mid-size OLED panels is gaining attention, with expectations for significant cost reductions and increased penetration in laptops and tablets by 2026 [3] - Major manufacturers are optimistic about market demand, as evidenced by BOE's early activation of the first 8.6-generation AMOLED production line in China [3] Group 4: Domestic Manufacturers' Breakthroughs - Domestic manufacturers are accelerating technological breakthroughs in materials and driver chips, which may benefit from improving downstream demand [4] - New products in OLED materials are entering the market, and companies like Xiahe Technology are achieving commercial production of key materials [4] Group 5: Related Companies - Key panel manufacturers include TCL Technology (000100.SZ), BOE A (000725.SZ), and Rainbow Technology (600707.SH) [5] - Notable panel materials manufacturers are Lite-On Optoelectronics (688150.SH) and Ruvi Optoelectronics (688401.SH) [5]

Summary of Conference Call on Semiconductor Equipment and Materials Industry Industry Overview - The core logic of investment in semiconductor equipment is domestic substitution, focusing on low penetration segments such as nutrient detection, image development, and ion implantation, which have significant elasticity and future potential [1][2] - The semiconductor equipment and components industry has shown good performance recently, with a notable increase despite not being as popular as commercial aerospace [2] Key Insights - The memory market is driving demand for wafer fabs, with Changxin and Changdong expected to expand production to approximately 100,000 wafers by 2026, leading to a continuous increase in orders for domestic semiconductor equipment [1][4] - The overall demand for the semiconductor equipment market is projected to reach 170 billion RMB in 2026, with memory-related capital expenditure around 100 billion RMB and advanced logic demand approximately 70 billion RMB [5] - The main source of growth in 2026 and 2027 will be from memory expansion, while advanced logic orders are expected to gradually increase from the second half of 2027 to 2028 [6] Investment Focus Areas - Investment logic on the equipment side focuses on high-value segments (etching, thin film, photolithography) and areas with low domestic substitution rates (ion implantation, track, measurement) [7][8] - Key companies to watch include North Huachuang and Zhongwei in etching and thin film equipment, while photolithography remains reliant on imports [7] - In the components and materials sector, attention should be given to segments with a domestic substitution rate below 10% and medium to high technical difficulty, such as mask companies and wet electronic chemicals [9] Recommended Companies 1. **Lu Wei Optoelectronics**: Specializes in mask business, expected revenue growth of 35% from 2025 to 2027, with profit growth outpacing revenue due to increased OLED and semiconductor mask contributions [10][11][12] 2. **Jiangfeng Electronics**: A key player in ultra-pure metal targets and semiconductor components, projected valuation of 35 billion RMB in 2026 with a P/E ratio of 50 [13][14] 3. **Zhongke Feicai**: Significant advancements in measurement and detection equipment, with products entering the storage supply chain [15] Additional Insights - The semiconductor equipment market is characterized by a gradual increase in domestic production capabilities, particularly in the context of memory expansion and the anticipated rise in advanced logic orders [6] - The conference highlighted the importance of monitoring the progress of specific companies and their technological advancements, particularly in the context of the ongoing expansion and price increase cycles in the industry [12][16]